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According to a study carried out by the global hiring platform Deel, residents of Latin American nations are most likely to say “yes” to receiving salaries in cryptocurrencies. Citizens of the EMEA (Europe, the Middle East, and Africa) area ranked second.
The Place of Crypto In Troubled Countires
Deel’s research estimated that 67% of the cryptocurrency payments between January 2022 and June 2022 were conducted in Latin America. It is worth noting that the region is full of nations battling severe financial and social issues.
First, the local population is getting poorer every day, as Venezuela has been battling inflation for years. Also, most of the country is unemployed.
El Salvador – the first country to embrace bitcoin as an official payment method inside its borders – has the reputation of being the most violent nation in the region. Due to the poverty of the people, the cases of theft and injury are on the increase. Earlier this year, it recorded a murder rate of 52 per 100,000 inhabitants, ranking first in the world in that grim statistics.
Transferring payments in the form of crypto has also been popular in the EMEA region. 24% of all such settlements were carried out in that area, which is also home to many countries with monetary problems. As a result of the study, the researchers concluded that most of the problems in the country are due to financial problems. Researchers think crypto can solve these financial problems
It is also worth observing which assets were the most transacted. The largest one by market capitalization – Bitcoin (BTC) – is the leader accounting for 47% of all settlements. Circle’s stablecoin – USDC – and Ether (ETH) rounded up the top three with respectively 29% and 14%.
Latinos Are Bullish About Crypto
Another recent research run by Ripple determined that residents of Latin America are the most inclined toward the digital asset sector. 50% of participants expect crypto to cause a significant impact on the future financial system, while 74% would be happy to transact with businesses that accept bitcoin or altcoins.
Individuals surveyed were very likely to invest in crypto. Interestingly, people said they prefer to invest through a trusted bank.