Argentina and Mexico are among the nations with the highest levels of crypto adoption in the world, according to the latest report issued by Chainalysis. Sebastian Reyes, Chief Analytics Officer of Vita Wallet, believes this is due to the economic instability of these nations.
Argentina’s Crypto Adoption Drops, Mexico Rises According to Chainalysis’ Report
Latam continues to be a hotbed for crypto, as several of the region’s nations are at the top of the adoption ranks. The latest report by Chainalysis, the blockchain intelligence firm, confirms this, with Argentina and Mexico taking the 15th and 14th places, respectively.
Argentina has been naturally associated with cryptocurrency, due to its economic decline. Mexico has also risen as an emerging leader in using these technologies.
Other countries in the area, like Chile, are also working to increase crypto adoption. Nonetheless, their economies’ relative stability makes it difficult for the population to embrace crypto, as Venezuelans and Argentines have done.
This is the opinion of Sebastian Reyes, Chief Analytics Officer de Vita Wallet, who remarked that adoption levels have risen due to the development of innovative solutions involving it.
He assessed that cryptocurrency adoption in Latam is dominated by stablecoins. These offer an alternative for citizens where the U.S. dollar is difficult to get for several reasons. He stated:
Across Latin America, there is more interest and people are much more aware of the solutions available. Growth in the region is driven by access to dollar-linked assets, which help protect savings, and by the ease and speed of international transfers.
Reyes claimed that the expansion of crypto in the area could also follow the lead of the U.S., which could dynamize its market also affecting world trends with new regulations.
Chile is creating a bitcoin bench within its Senate to study and propose pro-crypto and pro-bitcoin regulations. The legislators want to advance a strategic bitcoin regulation proposal to the Ministry of Finance this year.
Read more: Chile Quiere Bitcoin: Legislators Rally Around Strategic Bitcoin Reserve Proposal
In opposition, the Central Bank has clarified that it cannot hold bitcoin or other cryptocurrencies because they violate its operating rules.
Read more: No Bitcoin! Central Bank of Chile Rejects Adding BTC as a Reserve Asset
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