New York City-based blockchain data collection and analysis company, Chainalysis, published a study highlighting Latin America as the region with the second highest volume of Bitcoin (BTC) and other cryptocurrencies transactions in the world.
This region of the world reports an increase of 40% of the total volume of operations carried out during the last year and for this conclusion, the firm compared the periods between July 2020 and June 2021.
Colombia, Argentina and Brazil are the three countries that have made the most progress in the integration and implementation of cryptocurrencies. This has allowed them to climb up and enter the top 20 countries in the world with the highest acceptance of this technology.
At some point Venezuela appeared as the third country worldwide with the greatest incursion into the Bitcoin ecosystem, but Chainalysis eliminated it from the list because there was no official data to prove this situation.
However, the regions that are spearheading as leaders in cryptocurrency transactions are the Middle East and North Africa, which, despite having a low level of adoption, the growth they are reporting is fast.
An example of this is the 566 billion in cryptocurrencies received and managed by users in these regions of the planet, from July 2021 to June 2022. A figure that represents 48% growth compared to the same period of the previous year.
Of that region of the planet, Egypt was the country that received the most cryptocurrencies during the same period of analysis; a response to the “growing remittances sent in cryptocurrencies and the increase in inflationary rates of the local currency”, the Egyptian pound, the publication detailed.