If you want to know about the number of cryptocurrency users in the world, you should know that Latin America is the region with the most users. According to a report released by the Statista portal, a full 20% of the population in Latin America uses cryptocurrencies. Following Turkey, Brazil, and Colombia, Argentine, and Philippines, all ranked in the top five. However, in spite of all the growth in cryptocurrency usage in Latin America, adoption in this region is still low.
The majority of cryptocurrency owners bought crypto in the past year. However, more than 20% said they would consider purchasing cryptocurrencies within the next year. One of the biggest obstacles for new investors is lack of knowledge about cryptocurrency. In a recent study, Pew Research Center found that 16% of Americans have traded, invested, or used cryptocurrency. This shows that the concept is making its way into the mainstream. While governments have not yet agreed on what constitutes a cryptocurrency, the popularity of cryptocurrency has grown rapidly in the US.
In recent years, the region has been hit by financial crises, making the associated risks less of a deterrent for many people. Additionally, more than half of the population in LatAm does not have easy access to bank accounts. Therefore, using a cryptocurrency could be far easier than opening a bank account. Awareness campaigns are largely being conducted by NGOs, including BitGive, and LaBITconf. However, these initiatives are only one aspect of the cryptocurrency market in LatAm.
According to the latest OECD report on crypto currency, Nigeria is the country with the highest number of users in the world. But the adoption of cryptocurrency has been slowed in developing countries like Australia, Brazil, and South Africa. Although many African countries are embracing cryptocurrency, regulations are still unclear in many regions. In addition, Africa has the highest percentage of cryptocurrency users in the world. So, it is important to be aware of how cryptocurrency is regulated in different parts of the world.
The growth of cryptocurrency is particularly rapid in Latin America, where the lack of regulation has shrouded the industry in tales of criminal activity. However, this development is also a result of innovative initiatives that aim to combat corruption and boost corporate productivity and promote beneficial public policy. As a result, Latin America may be the global leader in the efficient use of cryptocurrency. But as it grows, its adoption will be more widespread, despite the fact that there are still a lot of challenges and risks involved.