Why cryptocurrency adoption is soaring in Latin America

Latin America is reportedly seeing increasing adoption of blockchain technology and cryptocurrencies, with Statistica reporting the region holds the largest number of cryptocurrency users in the world. Through this adoption, Latin America is creating innovative methods to shape public policy, fight fraud, reduce theft, and squash corruption.

Since most of Latin America has been through economic crises over the last few years, such as the inflation of the national currencies in Argentina and Brazil, the risk and volatility of cryptocurrencies don’t deter users from shifting to digital assets. Also, since the technology is perfect for remittances, Latin America and the Caribbean have been sending out record amounts of money to other nations in recent years.

Also, the barrier for entry to cryptocurrencies in several countries in Latin America is lower than traditional forms of financial management — half of the region’s population does not have access to banking services, while 55% of adults there own a smartphone with Internet access.  …

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