LATAM and EMEA (Europe, Middle East, and Africa) regions are becoming the most popular for approving cryptocurrency payments. Half of the people in the region expect cryptocurrencies to play an important role in the future of the financial sector.
LATAM and EMEA Regions Endorse Crypto
A recent survey showed that 50% of crypto market participants expect digital assets to have a noticeable impact on the future of the global financial industry. In addition, 74% of participants in the region were open to doing business with a company that accept bitcoins.
Residents of Latin America were most likely to receive their pay rates in digital currency, while those in EMEA ranked second. The report added that 67% of the crypto infrastructure is in Latin America.
Another Ripple report said that 50% of people in Latin America believe crypto will disrupt the future monetary system, while almost three-quarters are willing to work with crypto-endorsing organizations.
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The survey results show that Latin Americans are willing to invest their resources in cryptocurrencies. In the Middle East, 67% of respondents were also optimistic about the future of the digital asset space.
Crypto Growth in Struggling Economies
The growth of crypto in countries facing economic turbulence has been commendable. Venezuela is an example of a country struggling with a high level of inflation, but where many people are investing in cryptocurrencies. Despite high crypto trading activity, the majority of Venezuelans are unemployed.
Last year, El Salvador adopted the use of Bitcoin as legal tender. However, the country is struggling with rising insecurity. When El Salvador implemented the Bitcoin Law, it received warnings from international financial institutions such as the World Bank and the International Monetary Fund (IMF), saying it posed a risk to the country’s financial system.
In Africa, the Central African Republic has also approved Bitcoin as legal tender. However, the country is one of the poorest in the world and a vast population lacks access to electricity and the internet, which are essential to support Bitcoin transactions.
The growth of cryptocurrencies in this region could be attributed to the fact that Bitcoin, and some altcoins, could be used as a hedge against inflation. Therefore, people in these regions at hyperinflation levels store their wealth in crypto to preserve their purchasing power.
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