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- Cryptocurrency trends suggest that within 10-years Latin America’s economy could completely transform.
- Latin America’s crypto trading scene is booming with Brazil yards ahead of everyone else, followed by Venezuela, Argentina, Mexico and Colombia.
- Many Latin Americans depend on DAI and USDC stable coins to save and in Mexico, 5% of the U.S. remittances came from Bitcoins.
Cryptocurrency could revive Latin America
Cryptocurrency could revive the Latin American community. Current trends from digital payments such as Bitcoin in the case of Latin America suggest that within 10-years Latin America’s economy could completely transform.
Chain analysis released data showing cryptocurrency usage increasing in Latin America. Latin America’s crypto trading scene is booming with Brazil yards ahead of everyone else, followed by Venezuela, Argentina, Mexico and Colombia.
Many Latin Americans depend on DAI and USDC stable coins to put away their savings and in Mexico’s case, 5% of the U.S. remittances came from families sending over Bitcoins.
The figures here show how P2P trading has risen in contrast to the depreciation home currency.
One key factor contributing to cryptocurrencies popularity is the lack of access to financial services. The permissionless payments and reputation based digital identities are filling the financial service whole.
Digital services make it easier for people to transact both regionally and globally and use a QR code or online signature to prove their identity.
What the future of Latin America could look like
The potential growth of the online world in Latin America could help serve the underserved community in multiple ways. The innovation could also inspire innovators to host their classes online and allow people to pay from anywhere in the world using Bitcoin.
Such out of the box thinking would be nothing new as Latin America is leading the world in mobile phone usage and development so, are more likely to operate online.
