South and Central America are two parts of the world where citizens put more faith in crypto rather than USD or domestic fiat currency. It has been a notable trend for quite a while, but countries that were discussed the most are Peru and Venezuela where people are trying to invest in cryptocurrencies to hedge against inflation and get a chance at becoming rich. The promise of a 0.01% chance that one can escape poverty is enough for many to gamble.
We recently reported that the Peruvian government is planning to move toward adopting some cryptocurrencies while people are investing everything they have in Sol-pegged PEN and BTC. Simultaneously, Venezuelans are interested in trying to invest in BTC and ETH with daily trading volumes increasing each month.
We are seeing now that Brazilians are also quite interested in crypto with over $912 million spent on BTC and other cryptocurrencies in May 2022. The country does not oppose efforts from local citizens to obtain more crypto. The central bank will test digital Real in the first quarter of 2023 and add more flexibility to its banking system while slowly integrating crypto trading into the national economy.
The new digital reality will be developed in close cooperation with blockchain companies, crypto exchanges, and banks to create a new medium that would allow all participants of the economy to benefit from the digital money. It is also a great way to provide more opportunities to people who do not use banks or cannot use them for various reasons.
Interestingly, despite relatively high inflation (close to 10%), Brazilians are not investing in USD-pegged stablecoins. Many are interested in buying only BTC without even diversifying their investments. They just buy Bitcoin and hope for the best. Even ETH is not as popular in this country. On the other hand, the influx of investors from South America is a good thing for all of us.
It seems that SA will start the global revolution and adopt cryptocurrencies on the national level before any other region.
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