A recent survey shows that Latin America accounts for 7% of the entire global cryptocurrency economy. From this segment, Mexico has received almost 11% of all cryptocurrencies in retail since July 2019.
El Economista cited research by Daniel Cartoline, a development spokesman for market research firm Chainalysis, which showed the region received $ 24 million in retail cryptocurrency last year and sent $ 25 million to other continents.
The spokesperson emphasized that remittances and trading are two sectors that have a significant presence in cryptocurrency trading in Latin America. The study says the country’s strong ties to North America and Asia are fueling an influx of retail deals. He also noted that most of these transactions are done using bitcoin (BTC).
Cartoline also said that cryptocurrencies are often used for transfers across Mexico:
“ In the traditional world, transfers between the US and Mexico are great, and we are starting to see the areas where the adoption of cryptocurrency for transfers has begun, as lower fees are charged when exchanging cryptocurrencies, and the person does so. optional, go to sites like Western Union or Moneygram to complete the process. This can be done from your phone. ”
While Mexico is the leader in retail cryptocurrency transactions, Venezuela remains the leader in Latin America in cryptocurrency adoption, according to a study published by the blockchain company in September.