Latin America adopting cryptocurrencies
The countries of Latin America are going through a crisis in the political and economic sphere. Countries like Argentina and Venezuela are going through an economic crisis that has been dragging for years, even decades.
For the citizens of these countries who notice that their currency is increasingly devalued and that salaries never conform to the large annual inflation rates, cryptocurrencies are a great alternative both as a refuge of value as well as a new way of conceiving commercial transactions. Adoption in these countries is largely driven by increasing distrust in their currencies and, of course, in their governments.
In LocalBitcoin, the platform most used by Latin American countries to buy and sell Bitcoin, we can see how there has been a clear increase in the volume of transactions in Argentina.
However, given this situation, the Argentine government had to limit the purchase of cryptocurrencies with credit cards, in a clear attempt to curb the "run" that is taking place lately against its currency: the Argentine Peso.
The serious economic, political and social crisis facing Venezuela is highly known. The adoption of cryptocurrencies has not gone unnoticed, however the structural problems that have to do with electric power and the poor internet service have limited Venezuelan citizens in their intention to adopt cryptocurrencies as a means of payment. However, as we reported in BitcoNews, Venezuelan Randy Brito has developed a new way of using technology that allows Bitcoin transactions without internet. This new technological development is a great hope for Venezuelans to finally adopt cryptocurrencies as a usual means of payment.