The cryptocurrencies and blockchain technology They continue to receive strong support in Latin America and have been advancing in the regulatory processes, despite the difficulty in obtaining clear information about their operation. Along these lines, the majority of users want their governments to regulate the industry, as reflected the Sherlock Communications Annual Blockchain Ebook.
One in five Latin American respondents (19%) said they already invest in cryptocurrencies, 73% more than last year. In Argentina, the increase was 63%.
The reasons most mentioned by Argentine users (who could choose more than one) were saving money for the future (47%), supplementing income (43%) and diversifying investment modes (40%).
In this line, 4 out of 10 Argentines consulted stated that cryptocurrencies should be official currency in the country, but that more regulation of the market is needed. When asked if they should be prohibited, only 13% said they agreed.
The lack of information It seems to be the main obstacle for Argentines to bet safely and confidently in the crypto world. Almost half of those surveyed said that the main reason they do not invest in that market is because they “don’t know enough or find it confusing.”
The research, carried out in February 2024 with more than 3 thousand people from six countries (Argentina, Brazil, Chile, Colombia, Mexico and Peru), seeks to understand public opinion about blockchain and cryptocurrencies.
Latin American users reflected strong support for regulatory actions related to cryptocurrencies in Latin America. On average, 73% in the region said they agreed with more cryptoasset regulations and, in line with this perception, 61% disagree with measures that restrict its adoption.
The situation with cryptos in Latam
While in Argentina the beginning of Javier Milei’s government reinstated the debate on the possible regulation of the crypto market, other countries in the region have already taken significant steps in the legal framework.
Brazil, for example, has had legislation dedicated to so-called “digital assets” since the middle of last year, whose supervisory body is the Central Bank. In The Saviorbitcoin is recognized as an official currency, while Ecuador and Guatemala have used blockchain in electoral processes.
“This data reinforces the trend of consolidation of cryptocurrency adoption in Latin America. Both companies and users demonstrate maturity to meet current demands and prepare for new use cases that may emerge. The world needs to pay attention to the development of blockchain applications in Latin America in terms of base adoption, insights and case studies,” said Luiz Hadad, blockchain specialist at Sherlock Communications.
Digital currencies
According to data from Sherlock Communications, Latin Americans consider CBDCs (Central Bank Digital Currencies) to be a tool that can help fight corruption (67% agreed with this statement) and are expected to speed up payments and reduce bureaucracy (68%).
However, 61% of those surveyed admitted that they still do not understand enough about the issue, while 56% believe that digital currencies issued by Central Banks are a way for governments to control the consumption habits of the population.
In the specific case of Argentine users, 59% responded that a digital currency will make them feel “safer and less exposed to crime/theft”. And almost 70% considered that “they will speed up payments and reduce bureaucracy.”
“There is a positive outlook on digital currencies across Latin America, but there is still a lot of work to be done by governments and the broader crypto community in terms of educating the population on the topic. We need to simplify the cryptocurrency narrative so that people can understand what is changing,” said Luiz Hadad.
Source: Ambito
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