The use of cryptocurrencies is increasing in Latin America as individuals in the region turn to digital assets to counter currency devaluations and inflation. A recent report by Chainalysis reveals a rising adoption rate in Latin America, driven by new use cases and a growing demand for centralized exchanges. While the region ranks seventh in terms of its crypto economy, it trails behind Sub-Saharan Africa and regions like Eastern Europe, Asia, and the Middle East. Compared to institutional investment, individual users in Latin America show a higher acceptance rate, with Argentina, Mexico, and Brazil ranking in the top 20 globally. Cryptocurrencies are being used in the region for remittances and global payments, with Bitcoin and stablecoins serving as a hedge against inflation. Centralized exchanges are particularly popular in Latin America, with Venezuela having the highest preference for such exchanges compared to other regions. In Argentina, the use of cryptocurrencies has increased due to the country's economic troubles, while in Venezuela, digital asset adoption surged after the Covid-19 pandemic. However, institutional investment and decentralized finance projects remain low in the region. Overall, there has been significant growth in the crypto sectors across Latin American countries since 2016, according to a report by the Inter-American Development Bank and the Cambridge Centre for Alternative Finance.
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