Crypto payments more popular in LATAM and EMEA countries (Report)

According to a study conducted by the global employment platform Deel, residents of Latin American nations are most likely to say “yes” to receiving salaries in cryptocurrencies. Residents of the EMEA (Europe, Middle East and Africa) region ranked second.

Crypto thrives in troubled economies

Deel’s research estimated that 67% of cryptocurrency payments between January 2022 and June 2022 were made in Latin America. It is worth noting that the region is full of nations struggling with serious economic and social problems.

First, Venezuela has been on a downward economic spiral for years. The inflation rate there is among the highest in the world, while a significant part of the local population is unemployed.

El Salvador – the first country to embrace bitcoin as an official payment method within its borders – has a reputation for being the most violent nation in the region. Earlier this year, it recorded a murder rate of 52 per 100,000 inhabitants, ranking first in the world in the grim statistic.

Transferring payments in the form of crypto has also been popular in the EMEA region. 24% of all such settlements were carried out in this area, which is also home to many countries with monetary problems.

The study’s results doubled down on the assumption that operations involving digital assets thrive in distressed economies. The narrative comes from the fact that many of these citizens lack basic access to financial services, while crypto can offer a solution.

It is also worth observing which assets were traded the most. The largest by market value – Bitcoin (BTC) – is the leader and accounts for 47% of all settlements. Circle’s stablecoin – USDC – and Ether (ETH) rounded out the top three with 29% and 14% respectively.

Latinos are the most bullish on Crypto

Another recent research conducted by Ripple determined that the citizens of Latin America are the most inclined towards the digital asset sector. 50% of participants expect crypto to have a significant impact on the future financial system, while 74% would like to do business with businesses that accept bitcoin or altcoins.

Residents of countries in the Middle East were also positive. 67% of them prefer to transact with entities that embrace the asset class.

These respondents were most likely to personally invest in cryptocurrencies. Interestingly, many of them trust their banks more than popular exchanges and will distribute their wealth in digital assets through an authorized financial institution.