Peru Could be at the Forefront of Cryptocurrency Adoption in Latin America
2022.04.12 19:31
Peru Could be at the Forefront of Cryptocurrency Adoption in Latin America
- Throughout the Latin American region, the acceptance of digital assets has grown, but in Peru the trend is greater.
- A report indicates that around two-thirds of the Peruvian population is interested in acquiring cryptocurrencies.
- Peruvians use crypto to buy, save and send remittances to their country.
Around 60% of Peruvians are interested in carrying out operations with Bitcoin (BTC) and other cryptocurrencies, according to the results of a study by the Triple A firm. If the enthusiasm for digital assets materializes at that level, Peru it will become the Latin American country with the highest adoption of cryptocurrencies.
Currently in Peru, a country with a population of almost 33 million inhabitants, about 1.2 million people own or have traded cryptocurrencies. It means that 3.74% of Peruvians not only know but are also interested in digital money.
If the figures are compared with the population over 18 years of age, the percentage rises significantly. It is believed that in the near future this trend of crypto adoption will continue to increase.
Since 2020, the use of wallets has grown by 18.3%, while the volume of cryptocurrencies traded through the Buda exchange in the last 6 months grew by 613%, according to a report for Latin America by Sherlock Communications this year.
If the number of people who trade BTC and other cryptos in Peru continues to grow, the South American country will lead the region in the use of cryptocurrencies, surpassing Venezuela and Colombia where more than 6% of residents own bitcoins and other digital currencies.
CBDC and regulations
Recently, the local government of La Molina in Lima launched the MoliCoin program that promotes payments with cryptocurrencies in businesses in the area, mainly restaurants. In addition, the mayor’s office is offering induction courses and advice on the correct use of wallets to avoid errors or scams to users.
For its part, the federal government is working on the creation of its own central bank digital currency (CBDC), given the growing interest of Peruvians in the use of digital money and investments in crypto assets in general.
Likewise, the Peruvian authorities seek to create an adequate legal framework for the regulation of cryptocurrencies. Currently, the draft Framework Law for the Commercialization of Crypto Assets in Peru is in the discussion phase in Congress.
Why You Should Care
- Peruvians residing in the United States and other Latin American countries send remittances to their country through crypto exchanges.
- These platforms offer a fast service with cheaper rates than shipments through other traditional platforms.
- According to data from the country’s Central Bank, in 2021 remittances to Peru grew by 21%, reaching an average of 3.2 billion dollars.
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