Latin America is the second fastest growing region for cryptocurrencies

In its latest report, Chainalysis points out that Latin America is the second largest region in the world in terms of volume received in cryptocurrencies. Compared to the same period last year, the increase was 40%.

Already in first position is the region known by the English acronym MENA, in which it includes countries from the Middle East and North Africa. The highlight is growth in Turkey, a country that has been hit hard by inflation in recent months.

In the series, North America and Central and South Asia are almost equal in 3rd and 4th position. East Asia appears in the lantern, probably due to the presence of China, a country that banned cryptocurrencies.

Cryptocurrency growth in Latin America is great, but the trend is global

Without strong state currencies in any Latin American country, cryptocurrencies are taking root here. According to the latest report from Chainalysis, the region has seen an annual growth of 40% in cryptocurrency transaction volume.

According to a Binance note, inflation is causing the exchange to gain customers here. After all, currencies like the Argentine peso have already lost 90% of their purchasing power in the past year and technology is an outlet for those looking to protect their savings.

The biggest highlight, however, is the MENA region, which is made up of countries in the Middle East and North Africa. In total, transaction volume in the region grew by 48%. But the reason is the same, the inflation of state currencies.

Turkey leads growth after strong currency crisis ravages the country

As a highlight, Chainalysis points out that the Turkish lira has lost 80.5% of its value over the past year. The Egyptian pound is only 13.5%, but that was enough for an increase in the demand for cryptocurrencies.

“In Turkey and Egypt, fluctuating cryptocurrency prices have coincided with rapid devaluations of their fiat currencies, reinforcing the appeal of cryptocurrencies for preserving economies.”

Finally, the report points out that Afghanistan jumped in September last year, shortly after the local currency hit its worst level. However, since the Taliban took control of the country and closed down a number of brokers, that volume has simply disappeared.

In any case, the above data shows that the growth in cryptocurrency adoption is global. Moreover, there is every indication that this revolution will start in countries that are most affected by the monetary policies of their rulers.