More Latin Americans (LATAM) employees are opting to get paid in crypto more than ever before, a new report has found – with suggestions that crypto winter has done little to drive adoption in the sector.
Bloomberg Linea The report states that between January and December 2022, the number of remote workers choosing to get paid in crypto increased from 61% to 64%, according to Deal Lab for Global Employment’s Global Recruitment Report.
The report also found that no part of the world had more employees receiving payments in crypto over the same time period. The report also found that the drop in crypto prices has not significantly discouraged workers from choosing crypto payments.
Paying in Crypto: Why LATAM Employees Prefer Tokens to Fiat
Natalia Jimenez, regional manager for Spanish-speaking Latin America at DL, told the media outlet that “phenomena such as inflation” and “the depreciation of local fiat” were driving crypto payment adoption.
He said workers “want to diversify their income and take care of their savings.” And Jimenez said this was driving him towards crypto instead of fiat.
Jimenez said:
“Receiving their salary, or part of their salary, in cryptocurrency allows workers to protect themselves from fluctuating exchange rates. [It also lets them] Invest and enjoy greater financial flexibility.
Last month, the CEO of crypto-powered payments platform Bitwage claimed to have seen significant growth in Argentinians to choose Work for companies that pay them in crypto instead of fiat,
The CEO said that, over the past year, the number of Argentinians using the platform to collect their salaries in crypto had increased by 250%.
The authors of the report also noted that the preferred token of Latin American workers was Bitcoin (BTC). Around 64% of the surveyed individuals chose BTC payments over other crypto options.
But more than a quarter said they preferred a stablecoin pegged to the US dollar. usd coin (usdc),
only 7% chose Ethereum (ETH)The rest stating that they prefer altcoins.
Hyperinflation continues to affect the LATAM fiat, with inflation rates in Argentina believed to be nearing the 100% mark.
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