Latin American countries, commonly referred to as Latam, along with countries in EMEA i.e. Europe, the Middle East, and Africa, are becoming hotspots for the use of crypto for payment purposes.
Most of the people in the region now believe that cryptocurrencies will become an important part of the financial sector’s future.
According to a recent survey, 50% of the participants in the crypto market believe that these digital currencies would have a key role to play in the financial sector’s future landscape globally.
In addition, 74% of the participants in the region’s crypto markets said that they were willing to deal with businesses that offer support for bitcoin payments.
People in Latin American countries were more willing to accept their salaries in digital currency, while those in the EMEA region came in second. The percentage was somewhere around 67%
The report also disclosed that Latin America has a more developed crypto infrastructure, as opposed to those in the EMEA region.
Ripple Labs also conducted research that showed that almost 50% of the population in Latin America thinks that the future monetary system would be disrupted by crypto.
Furthermore, almost three-quarters of the population in Latam is open to working with organizations that are endorsing cryptocurrencies.
The results of the survey make it apparent that people in Latin America are ready to make investments in the crypto space.
67% of those who participated in the survey in the Middle East also had a bullish stance regarding the future of the digital asset market.
It should be noted that countries with troubled economies have seen rapid growth in their crypto sector. Venezuela is one of the top names on this list.
The country has been dealing with drastically high levels of inflation, but the rate of crypto adoption in Venezuela is undoubtedly impressive.
There is a large number of Venezuelans who are unemployed, yet crypto investments are quite high in the country.
Likewise, another country that is in a tough financial spot is El Salvador and despite its problems, the country chose to adopt Bitcoin as its legal tender in September last year.
As a matter of fact, the country has purchased bitcoins several times and is even planning on issuing bitcoin bonds and setting up a bitcoin city.
Countries with financial issues are adopting bitcoin and cryptocurrencies because they can be used as a hedge against inflation.
FTX CEO shows interest in Latam
The popularity of cryptocurrencies in Latin America has not gone unnoticed by the crypto industry. Sam Bankman-Fried, the CEO of the FTX exchange, has also taken notice.
He recently talked about the growth of cryptocurrencies in these countries and also said that they can be used for different purposes.
According to Bankman-Fried, Latin American countries can use these digital currencies for payment purposes and also for remittances.
He also shared that they would be willing to partner with a company to enter into the Latam market, but did acknowledge that they did not have any deal in the works as yet.