crypto adoption Argentina Growth continues amid hyperinflation. A new survey has revealed that 17% of people in the country bought cryptocurrencies at the end of the year – with more than 50% of that amount choosing stablecoins.
The data was published by Americas Market Intelligence in a survey conducted in Latin American countries, and reported by memo, The researchers spoke to 2,400 smartphone users in November 2022 and found that 17% of adults in Argentina said they had bought cryptocurrencies “as a way of saving or investing” in the past 12 months.
The same researcher conducted a similar survey in November 2021, in which 12% of respondents said they had bought tokens. The 5% increase can be attributed to inflation: last year Argentina had one of the highest inflation rates in the world, at over 90%.
Indeed, 53% of Argentine respondents said they bought cryptocurrencies in sets last year, having bought USD-pegged stablecoins. And 46% said they did so in an effort to “protect their savings against inflation.”
While the volume of over-the-counter and peer-to-peer transactions remains high in Latin America, only 21% of those surveyed in Argentina said they used these methods.
Instead, 79% of respondents in the country said they used major crypto exchanges to buy their coins.
Beyond Argentina? Stablecoins, Other Tokens Gain Popularity at LATAM
Last week, a leading crypto pay facilitator reported that there were more Argentines than ever before. Choosing to work for companies that pay them in crypto instead of fiat,
and in July 2022, investors Reacted to the news of the resignation of the Minister of Economy by buying Tether (USDT), The government has attempted to stabilize the beleaguered fiat peso by placing a cap on the amount of foreign currency citizens are allowed to buy at banks.
This, many have noted, has seen a large and prolonged increase in stablecoin purchases in the nation with tokens such as bitcoin (BTC) is also gaining popularity.
Adoption figures from elsewhere in the region were equally high, with 14% of Colombians and Brazilians saying they had taken the crypto plunge.
The numbers were lower among Mexicans, Peru and Chile – less than 10% of respondents in these countries said they had bought crypto.
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