Cryptocurrency market continues to grow in Colombia, Argentina, and Brazil

RIO DE JANEIRO, BRAZIL – According to a survey by CoinsPaid, the cryptocurrency market is attracting strong interest in countries such as Colombia, Argentina, and Brazil, where an average of 65.4% of Colombians say they are willing to use virtual currency as a payment method.

“Up to 35.8% of survey participants would be willing to buy with cryptocurrencies if the country’s scenario guaranteed greater trust. Respondents prioritize the aspect of regulation and information about promotions, discounts, and exclusive services offered by businesses that accept cryptocurrencies,” the report indicates.

COLOMBIAN USERS ASK FOR GREATER SECURITY WHEN BUYING CRYPTOCURRENCIES

The data reflects the strength of the Colombian crypto market, which ranks 11th in the Crypto Acceptance Index Global 2021 prepared by Chainalysis. In addition to being the country with the most bitcoin ATMs in Latin America (50, half of them in Bogota), Colombia is also home to an informal cryptocurrency market that caters mainly to the Venezuelan migrants residing on the border.

“Purchases in cryptocurrencies such as Bitcoin obviously increase when their own value is stable, but the trend is clear. Between December 2020 and January 2022, cryptocurrency transactions will amount to US$1.8 trillion, which is a huge amount for retail activity and illustrates the importance of businesses accepting payments in digital currency,” mentions Rafael Brunacci, CoinsPaid’s business development manager in Latin America.

According to a survey conducted by the European exchange platform, 65.4% of Colombians are also willing to pay with cryptocurrencies to buy in some online store, especially electronic products such as computers or phones (31.2%). The percentage would be even higher if the country offered more security to cryptocurrency users.

CRYPTOCURRENCIES ARE ALSO GAINING GROUND IN ARGENTINA AND BRAZIL

However, other countries in the region have gone further. The Brazilian Senate has already passed a law regulating cryptocurrencies and virtual currency transactions. And in Argentina, the government of Buenos Aires has implemented the possibility of paying taxes in cryptocurrencies through virtual currency buying and selling platforms.

Following the survey conducted in March 2022 in Argentina, Brazil, and Colombia, which interviewed a total of 1,506 people in these countries, it had as a result that the cryptocurrency market is arousing great interest in Argentina at the same time that the country begins to take the first serious steps towards its regulation.

Sixty-five percent of Argentines said they were ready to use cryptocurrencies as a means of payment in physical stores.

However, as in Colombia, the percentage would be much higher if the country provided greater security to users of the digital economy, which is growing by leaps and bounds in Argentina and throughout the region and the world.

The information reveals that up to 41.3% of those surveyed would be willing to buy using cryptocurrencies if the national situation gave them more confidence. The Argentines surveyed prioritized the regulatory aspect and information about promotions, discounts, and exclusive services companies that accept cryptocurrencies can offer.

However, this figure is lower than those registered in other countries in the region, such as Brazil, which leads the way and where respondents accept payments in online stores with digital currency, at around 70%.

The growing interest of users in the region in the use and regulation of virtual currencies is explained by the strong impact of inflation and the instability of the price of the Argentine peso and other currencies in the area; this is turning cryptocurrency into an alternative to navigate the chaos of the global economy.

With information from Infobae