The COVID-19 pandemic has not slowed the number of cryptocurrency transactions in Latin America. In fact, blockchain analysis shows that total cryptocurrency value transferred from the region has increased since March. This is according to blockchain analytics firm Chainalysis, which recently published research showing how unbanked businesses and individuals in Latin America are using cryptocurrency as a means of exchange, a store of value, and a speculative investment. In total, the firm found that the region’s ineffective banking systems are a major driver in cryptocurrency adoption. Historically, most remittances in fiat currency to Latin America come from the US, mainly from migrant workers sending funds back to families. Yet, with cryptocurrency transactions, Latin America has strong links to East Asia, with transactions between the two worth more than $1 billion, even though there are fewer overall transactions. Luis Pomata, co-founder of Paraguay-based exchange Cripex, told Chainalysis that cryptocurrency makes it easier for businesses to circumvent costly wire transfers and the import fees levied by regional banks. Sebastian Villanueva, manager of Chilean operations for the exchange SatoshiTango, pointed out that many individuals in Latin America who have uneven income from gig work also transition to cryptocurrency because it is easier to use than applying for a bank account.

https://decrypt.co/40954/banking-difficulties-latin-america-fuel-crypto-adoption?=