Inadequate banking infrastructure in Latin America is pushing people to cryptocurrencies. Although the Kovid-19 epidemic hit the cryptocurrency industry a serious blow, it was seen that Bitcoin and other cryptocurrencies had a serious rise. The use of cryptocurrencies in many countries already struggling with the economic crisis has increased much more with the Kovid-19 outbreak.
According to a new study published by the Chainalysis blockchain research firm, Latin America is the region that has taken the lead in this increase. It seems that the use of cryptocurrencies within Latin America during and after the Kovid-19 outbreak broke a record.
Latin America Sets Records in Cryptocurrency
In many countries in the region, the economic crisis makes itself felt seriously, and this situation pushes citizens to crypto money rather than fiat money. Although most of the fiat transfers in Latin America are linked to the US, most of the crypto money transactions appear to be linked to East Asia.
In the research, it is seen that Latin America is one of the regions where crypto money is used the most. In addition to the economic crisis, the underdeveloped banking infrastructure also pushes citizens to Bitcoin and other cryptocurrencies. While this does not make a huge difference in terms of price, it is certainly of great importance for mainstream admission.
The first goal of Satoshi Nakamoto, that all people use Bitcoin or cryptocurrency, is definitely getting closer to being real with the influx of regions like Latin America to crypto money.
