Argentina Sees Increase in Crypto Adoption as Majority Holds Stablecoins – Study

Amid the rise of Argentina adoption of cryptographythe country is experiencing sharp hyperinflation, price of goods and services. However, a recent study found that the use of digital assets is on the rise in Argentina, with 17% of his citizens buying them. Cryptocurrency last year.

Growing demand stablecoin

According to data from a recent survey conducted in select countries in Latin America by Market Research, 50% of residents have made a purchase stablecoin17% are adopting other crypto assets.

The study included 2,400 smartphone users surveyed in November 2022, and 17% of the adult population reported having purchased a digital asset for investment or savings in the last 12 months. .

Additionally, the same platform conducted a similar survey in November 2021, in which 12% of respondents said they had purchased crypto tokens as an investment. His 5% increase from the new findings is therefore likely due to rising inflation in the country.

Argentina recorded more than 90% inflation last year, more than any other country, and residents are finding it difficult to save as the peso steadily depreciates. The survey revealed that 53% of Argentinian girlfriends bought crypto assets last year, especially US dollar-backed stablecoins.

Additionally, 46% of respondents said they bought the token to protect their funds from rising inflation. Only 21% of respondents in the region said they used one method or another to buy cryptocurrencies, despite high transaction volumes including over-the-counter transactions and peer-to-peer activity.

Interestingly, 79% of respondents crypto exchange favorite binance, Kucoinand others buy virtual coins.

crypto popularity in Latin America

More Argentines are choosing to work for companies that pay with cryptocurrencies, according to a crypto payment service provider report. crypto adoption in the LATAM (Latin America) region.

Last July, investors piled further in reaction to news of the resignation of Argentina’s economy minister. USDT stablecoin. In a move to stabilize the declining value of the peso, the government capped the amount of foreign currency that citizens can buy in banks.

Nevertheless, the government did not anticipate mass demand for Tether, so its actions had little impact. USDTAs a result, citizens flocked. crypto trading platform to buy USDTled to the popularity of other crypto assets such as Bitcoin regional.

Apart from Argentina, data show that other countries within the LATAM (Latin America) region show high numbers of crypto adoption, with 14% of Brazilians and Colombians participating in the crypto bandwagon. It is clear that However, in some countries such as Mexico, Peru, and Chile, the opposite is true.

Each has an adoption rate of less than 10%. Experts believe that the high adoption of cryptocurrencies in LATAM is mainly due to the economic and political instability in the region.

With skyrocketing inflation wiping out the value of national currencies, many have turned to cryptocurrencies to save and invest money.

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