How is the cryptocurrency market progressing in Latin America?

The Blockchain is one of the most disruptive technologies of the last decade and that, at least within the American continent, seems to still have many prejudices to break down . Not only that, but everything related to services or applications generated in the cloud. Latin America is currently one of the markets with the greatest lag in terms of digitization worldwide. About this, the obvious question is. How is the cryptocurrency market progressing in Latin America?

However, and despite all the challenges it faces, Latin America is one of the regions with the greatest interest in the adoption of technological innovations, particularly the DeFi, offer. Today LatAm is a burgeoning and growing market for blockchain-based offerings and alternatives, offering solutions to practical real-life problems. The fundamental reason for its adoption in this region of the planet is the diversity of solutions that non-centralized financial systems pose for the various developing economies.

The case of America stands out from the rest of the world, due to the various economic and political fluctuations in which it has been involved throughout its history. Theoretically, this has caused that in various ways, at the level of development, this geographical region presents a visible lag with respect to the rest of the world. Given this scenario, financial decentralization has aroused enormous interest in many people.

What are the advantages of financial decentralization in Latin America?

Particularly in LATAM, the economic wear and tear caused by government bureaucracy is so extensive that, in many ways, average citizens are greatly affected in their financial potential. To have a clear context, the opacity in the financial and governmental systems that operate in these countries, causes a large percentage of the population to live without access to basic financial services such as accounts, insurance and loans.

The economic revolution that the block chain has involved around the world, has brought significant innovation in the market and the financial sector, simplifying and making all kinds of financial operations transparent. An operating scheme that consequently reduces corruption and promotes the growth of small and medium-sized companies, avoiding the classic financial models.

For some years, the financial benefits that the blockchain implies , have attracted large sectors in different Latin American countries such as El Salvador, where the adoption of Bitcoin has become official in an attempt to reduce inflation. . This is one of the fundamental reasons for the adoption of cryptocurrencies in Latin America; While in countries with low inflation, distrust of cryptocurrencies prevails in the face of their eventual volatility, in Latin American countries this volatility does not seem to be as dramatic compared to the levels of inflation that characterize their currencies.