Chainalysis: Latin Americans actively use cryptocurrency
According to analytics company Chainalysis, the adoption of digital currencies in Latin American countries has increased sharply over the past year. The region now ranks seventh in the world for its crypto economy.
The reason for this is the rapid inflation in the region and the instability of local currencies. Thus, the economic crisis in Venezuela led to a huge increase in prices and a complete depreciation of the bolivar. Because of this, citizens began to prefer digital currency, especially stablecoins, which are used for transfers. According to Chainalysis, 92.5% of all Venezuelan cryptocurrency activity occurs on centralized exchanges.
Brazil, Argentina and Mexico also ranked in the top 20 of the global cryptocurrency adoption index. To protect their savings from depreciation, citizens of these countries often transfer their salaries into stablecoins USDT or USDC. Argentina, according to Chainalysis, is again leading among the countries in the region in terms of the volume of cryptocurrency transactions. Over the year, this figure reached $85.4 billion.
