Spotlighting the Cultural and Socioeconomic Forces Driving Crypto Markets in Latin America
At Paxos, we've witnessed remarkable growth in the use of stablecoins and cryptocurrency in many regions of Latin America. Some estimate that in 2021, the growth of cryptocurrency in Latin America outpaced the rest of the world as a greater ratio of Brazilians – over 40%, tied with Indonesia – own more cryptocurrency than any other country.
We spoke with boots-on-the-ground experts in Latin America to determine the reasons behind widespread adoption, and to get a feel for how, or if, this trend will continue in the long term.
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