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Crypto participants in Latin America account for over 9% of the worldwide crypto transaction volume. The region experienced a 42.5% growth over the past year, largely due to robust crypto activity in Argentina and Brazil.
A report from Chainalysis indicates that between July 2023 and June 2024, the total volume of crypto transactions in Latin America reached $415 billion. During this timeframe, the region represented approximately 9.1% of the global crypto transaction volume.
Argentina topped the region, with users transacting $91.1 billion in crypto throughout the year. Following closely was Brazil, with $90.3 billion. The rise in digital asset adoption is mainly driven by the engagement of significant local financial institutions. Additionally, cryptocurrencies are being utilized by citizens as a means to safeguard their savings against inflation.
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“People prefer not to use the Argentine peso due to its continuous devaluation. Furthermore, the prices of most goods in the country are still valued or linked to the U.S. dollar. Consequently, residents are increasingly using cryptocurrencies alongside cash in dollars,” states Max Krupyshev, CEO of CryptoProcessing.com, reflecting on his experiences in Argentina. He notes that the local population actively engages with mobile FinTech applications and crypto wallets, while businesses are seeking a dependable framework for accepting crypto payments.
The Chainalysis report reveals that stablecoins are the most commonly utilized assets in Argentina, with 61.8% of all cryptocurrency transactions in the nation involving stablecoins. Remarkably, only Colombia among Latin American countries shows a higher preference for stablecoins at 66%. In comparison, stablecoins constitute approximately 44.7% of the global crypto transaction volume.
Previously, a similar Chainalysis report indicated that users in the Middle East and North Africa account for around 7.5% of the global cryptocurrency transaction volume.
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