The AArgentina today ranks 13th in the Global Cryptocurrency Adoption Index 2022 carried out by the company Chainalysisbased on data crossings of transfers settled in the main public block chains (blockchains) and their georeferencing on the Internet, which identify relevant activity with cryptocurrencies in 142 countries.
Although there are no official figures, since there is no single registry of users and the same person can open accounts on multiple platforms, various surveys and surveys of use indicate that at least 1 in 10 Argentine adults buys or bought cryptocurrencies at some time, for which is estimated to be about 2.5 million people who operate cryptocurrencies in Argentina.
The paradox of the adoption of cryptocurrencies in Latin America occurs despite the collapse in its price -the total value of the market went from US$3 trillion in November 2021 to drilling US$800,000 million in June 2022-, and it is one of the few regions in the world in which the volume of operations grew in the last year, before the greater adoption of users not for speculation but for protection against inflation.
In fact, the report indicates that between July 2021 and June 2022 the region received US$562 billion in cryptocurrencies, 40% more than the same period last year, a much higher percentage than the rest of the world, where the level of use of cryptocurrencies, especially in Eastern Europe and Asia.
In other words, more and more users are choosing to protect their savings through the crypto world, given the ease and speed with which they can operate, making use of so-called stablecoins or stable cryptocurrencies, the vast majority of which follow the value of the dollar ( USDC, USDT and DAI are the best known).
“The Chainalysis data validates the two main conclusions that we have been mapping with AMI in the region: first, that the economies in which the local currency is fragile, adoption flourishes, Venezuela and Argentina are the main cases; and second, that economies with good regulatory support also sting, like Brazil,” Ignacio Carballo, professor, researcher and consultant of “crypto and alternative finance” at American Market Intelligence (AMI), explained to Télam.
Another characteristic of the Argentine phenomenon is that, unlike the region and even the world, three out of four operations (75.3%) are carried out through centralized exchanges: companies that offer a platform through which Users buy and sell cryptocurrencies, but not between peers, but through the company itself, while in the world the average reaches two out of three operations (66.3%).
Today there are more than a dozen companies founded in Argentina that provide this service (Ripio, Lemon, Buenbit, Belo, Let’s Bit, Satoshi Tango, Argen BTC, Decrypto, among others) as well as international companies.
Other relevant data
- Among the relevant data of the report it appears that, in Argentina, more than 31% of the volume of retail crypto transactions comes from the sale of stablecoins, compared to only 26% in Brazil and 18% in Mexico.
“Stablecoins are going to be the growth vehicle for crypto in the region. There is no attraction to crypto or technology, but a search for financial survival, that savings do not disappear to protect against inflation. The same thing happens in Africa, where it is increasingly being adopted as everyday use,” said Dan Cartolin, account executive for North and Latin America at Chainalysis.
For Juan José Méndez, CBO of the Argentine exchange Ripio, in the current context it is a bearish market “although Bitcoin or Ethereum continue to have high demand on our platforms, stablecoins or “cryptodollars” gained a lot of ground this year.”
Source: Ambito
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