Venezuela has the largest volume of crypto, but Mexico has more retail transactions with crypto.
A recent study showed that Latin America accounts for 7 percent of the total global crypto-currency economy. Of this, Mexico has accounted for almost 11 per cent of all retail crypto payments since July 2019.
According to El Economista, a study by Daniel Cartolin, a development officer at block-chain analysis firm Chainalysis, says the region received $24 million in retail cryptotransactions last year and sent $25 million to other continents.
He said that the remittances and trade sectors are very present Bitcoin Pro in retail cryptotransactions within Latin America. The country’s strong links with North America as well as with Asia make the flow of these retail transactions possible, the study said. It was also found that most of these transactions are carried out with Bitcoin (BTC).
Cartolin also said that crypto-currencies are often used for transfers throughout Mexico:
„In the traditional world, transfers between the United States and Mexico are substantial. We are beginning to see areas where crypto-currencies are used for remittances because there are fewer fees for exchanging crypto-currencies and the person does not have to go to Western Union or Moneygram to make the transfer, but can do it from a telephone“.
Although Mexico is the leader in retail crypto transactions, Venezuela is the leading country in Latin America in terms of crypto use, according to a September survey by the Blockchain company.