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The cryptocurrency market continues to grow in Colombia, Argentina and Brazil

The cryptocurrency market continues to grow in Colombia, Argentina and Brazil

Cryptocurrencies in Latin America.  (photo: El Acento News)
Cryptocurrencies in Latin America. (photo: El Acento News)

According to a CoinsPaid survey, the market of cryptocurrencies is attracting great interest in countries like Colombia, Argentina Y Brazil, where an average of 65.4% of Colombians say they are willing to use virtual currency as a payment method in a short period of time.

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

Survey of Colombians on cryptocurrencies.  (photo: CoinsPad)
Survey of Colombians on cryptocurrencies. (photo: CoinsPad)

Users from Colombia ask for greater security for the purchase of 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 Bogotá), Colombia is also home to an informal cryptocurrency market that primarily caters to the needs of Venezuelan migrants residing on the border.

“Purchases in cryptocurrencies like 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 $1.8 trillion, which is a huge amount for retail activity and illustrates the importance of businesses accepting digital currency payments,” says Rafael Brunacci, business development manager for CoinsPaid in Latin America.

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

Cryptocurrencies also gain ground in Argentina and Brazil

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

After the survey that was carried out in March 2022 in Argentina, Brazil and Colombia, and which interviewed a total of 1,506 people in these countries, the result was 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. 65% of Argentines said they were ready to use cryptocurrencies as a means of payment in some type of physical store.

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However, and as is the case 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 not only in Argentina, but throughout the region and the world.

(photo: CriptoNoticias)
(photo: CriptoNoticias)

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

However, this figure is lower than those registered in other countries of the region, such as Brazilwhich is ahead and where respondents accept payments in online stores with digital currency, that surrounds the 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 instability in 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.

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