Banking inefficiency in Latin America pushes people towards crypto

An ineffective banking sector in Latin American countries has pushed some businesses and individuals to use more cryptocurrencies.

The ongoing global pandemic has not slowed the number of cryptocurrency transactions in Latin American countries. Blockchain analysis shows that the total cryptocurrency value transferred from the region has increased since March.

The largest portion of it is going to East Asia. According to the blockchain analytics firm Chainalysis, which recently published research showing how unbanked businesses and individuals in Latin America are using cryptocurrency as a means of exchange, a store of value, and speculative investment.

An ineffective banking system drove crypto adoption

The blockchain analytical firm found that the region’s ineffective banking systems are a major driver in cryptocurrency adoption in Latin American countries. Historically, most remittances in fiat currency to Latin America come from the US, mainly from migrant workers sending funds back to families. Read More at Coinounce