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Peru Could be at the Forefront of Cryptocurrency Adoption in Latin America

  • Throughout the region of Latin American, acceptance of digital assets has grown, but in Peru the trend has been even greater.
  • A report indicates that around two-thirds of the Peruvian population is interested in acquiring cryptocurrencies.
  • Peruvians are using crypto to buy, save, and send remittances to their country.

Around 60% of Peruvians show interest in carrying out operations using Bitcoin (BTC) and other cryptocurrencies, according to the results of a study by Triple A. If enthusiasm for digital assets were to materializes at the same level, Peru would quickly become the country with the highest cryptocurrency adoption in Latin America.

Currently in Peru, a country with a population of almost 33 million inhabitants, an estimated 1.2 million people own or have traded in cryptocurrencies. This means that 3.74% of Peruvians not only know about, but are also interested in digital money.

If the figures are compared with the population over the age of 18, the percentage rises significantly. It is believed that in the near future this trend of crypto adoption will only continue to grow.

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 has also grown by 613%, according to a report on Latin America by Sherlock Communications earlier this year.

If the number of people trading BTC and other crypto in Peru continues to grow, the South American country will undoubtedly lead the region in the use of cryptocurrencies, surpassing Venezuela and Colombia, where more than 6% of residents own bitcoin and other digital currencies.

CBDCs and Regulation

Recently, the local government of La Molina, in Lima, launched the ‘MoliCoin’ program, which promotes payments through cryptocurrencies at local businesses, mainly restaurants. In addition to this, the mayor’s office is offering induction courses and advice on the correct way to use wallets to help users better understand them, thereby avoiding errors and scams. 

For its part, the federal government is working on the creation of its own central bank digital currency (CBDC), which is justified by the growing interest from Peruvians in the use of digital money and in investments into crypto assets in general.

Likewise, Peruvian authorities are seeking to create an adequate legal framework for the regulation of cryptocurrencies. The draft ‘Framework Law’ for the Commercialization of Crypto Assets in Peru is currently under the discussion phase in Congress. 

Why You Should Care

  • Peruvians residing in the United States and other Latin American countries frequently send remittances to their homeland through crypto exchanges.
  • These platforms offer swift service with cheaper rates than the shipments provided by 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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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