According to Pedro Q. Justice, Argentina and Brazil lead the adoption of cryptocurrencies in South America, this according to NoOnes the monthly trade of cryptoassets in Argentina increased from USD 1.87 million in February to USD 2.47 million in July.
In the aforementioned article disclosed by Pedro Q. Justicia, “In Argentina, where annual inflation exceeds 100%, the volume of cryptocurrency transactions has experienced spectacular growth.”
Now, in relation to Argentina and according to recent data from the cryptocurrency exchange NoOnes, this represents an increase of 32% in just five months. This trend would reflect a growing confidence of Argentines in digital currencies as a refuge against the loss of value of the peso.
Brazil, on the other hand, “while having a much more moderate inflation in the region, has seen an even more impressive increase in the use of cryptocurrencies. NoOnes reported that monthly trading volume in Brazil grew from USD 1.92 million in January to USD 3.09 million in June, marking a 61% increase.
It is important to know that, “Other Latin American countries increased crypto activity but at a more moderate pace. Venezuela, for example, nearly doubled its transaction volume from USD 249,000 in June to USD 479,000 in July, while the Dominican Republic saw an increase from USD 1.05 million to USD 1.96 million in the same period.”
SOURCES CONSULTED
Cointelegraph. Argentina and Brazil lead cryptocurrency adoption in Latin America. Link
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