The popularity of cryptocurrency has been increasing all over the world for a long time. Latin America has turned out to be a sonic boom of its own. This might come across as a surprise for many but it has been found that Bitcoin does not face many controversies in Latin American countries. Countries like the United States and China have not accepted Bitcoin from the very beginning.
The lack of autonomy in Bitcoin is what made this a shady industry. There is no doubt that the story of corruption and crime in Latin American countries is what attracted the Bitcoin investors within their borders. The secrecy in most of the dealings and the illicit laundering of certain assets has caused this shady currency to be accepted within the Latin American community.
Beneficial public policies started to stem from the beauty of Bitcoin and other cryptocurrencies which are present within the market. There have been some great initiatives that have helped to stop the theft and corruption measures within the nation as well.
This is where Bitcoin became the hero in the story
The Latin American areas have the largest volume of cryptocurrency at this moment. The countries include the names Brazil, Argentina, and Mexico. They are within the top ten countries which have promoted the use of cryptocurrencies around the world. The United
States and France are at the bottom of this list at the moment! Read on to know if the government can seize your Bitcoin.
Understanding Crypto Regulation
- Governments of these nations have supported the cause of cryptocurrencies for a very long time. Many governments across the world are not supportive of cryptocurrencies because they are out of central financial regulation.
- On the other hand, Brazilian residents realized that they have to report to their governments to some extent and keep the rest of the transaction for their own. The central bank of Brazil has accepted that cryptocurrency is an asset during any kind of major payment.
- A total of 2.49 million cryptocurrency transactions have been observed in Brazil during this time.
- Along with this, Columbia has itself set up a block chain network for the attorney general of the nation. The government itself tried to develop the areas which can help to bring at least some form of development in the areas of crypto currencies in the nation.
- The new investments in the cryptocurrency chains in Columbia have aided to improve the oil and gas supply areas from 2020.
- This had been a great help during the pandemic hours.
What are the reasons?
There are some reasons which have added to the factor of crypto popularity in Latin American countries. Let us explore these reasons.
A severe crisis in the economy
- Most of the countries of Latin America are suffering from severe causes of financial instability at the moment.
- The rates of inflation are out from the roof and this has caused people to take the risks with crypto currency more than usual.
Digitally advised
- It has been found that most of the people of Latin America are under the age of 15 at the moment.
- There are 13% of people who are within the age group of 15 to 59 years.
- It has been observed that Hispanics have been able to follow the technology trends faster than the other races. This has caused severe advancement in the world of technology as well.
Financial Inclusion
- Mobile phones have entered every area of the world.
- This has led to the financial inclusion of technology in different areas of Latin America.
- The crypto market has become an easy place for people to access, even easier than having a legit bank account in any of the central banks of Latin America.
Conclusion
It is not a matter of Latin America alone. There are several areas in which the nations have been performing well. The tales of corruption and theft are relatively old at the moment. The digital currency has to go through a long way before it gets into the real world of owned assets. There are several sectors that still do not accept cryptocurrencies as the right measures of payment.
It is expected that the scenario will change quite soon. The regions of Latin America have started to use Bitcoins to improve their state in the world economy. The stories of corruption and secrecy can be left behind and a new chapter might open for the nation very soon.
Also read: Best Cryptocurrency Platforms in 2021-2030
