Three nations of Latin America appear in the latest report from the cryptocurrency analysis company Chainalysis, related to the global adoption of these assets in 2021.
Venezuela and Argentina They are among the top ten nations in the study called “Global Cryptocurrency Adoption Index 2021”, While Colombia it appears in a position below Argentina in box number eleven.
With respect to the same 2020 study published by the cryptocurrency analysis firm, Venezuela fell four positions, after being in the third box in 2020; while Colombia fell two notches (from position 9 to 11 currently).
Argentina had the best performance in the last year, moving from position number 28 to box 10 in this new report.
The report evaluated 154 countries around the world based on three key metrics: value of cryptocurrencies received on-chain, retail value transferred on-chain, and volume of trade. peer-to-peer.
Each metric was weighted by purchasing power parity and has a Vietnam as the leader in each of these lines, such as highlighted Cointelegraph last Monday.
The aim of the report is to provide an objective measure of which countries have the highest levels of cryptocurrency adoption., with a methodology that weights the final score of 1 as the highest for each of the stipulated metrics and not only in volume of transactions, as has normally been applied in the past to the ranking of countries on P2P platforms.
In this context, Chainalysis points out that unlike its 2020 report, the fourth metric that contributed to the overall ranking of each country at that time was eliminated: Number of deposits per country weighted by number of internet users.
The report further highlights that at the end of the second quarter of 2021, the global adoption of cryptocurrencies has grown by 881% in the last year and 2,300% compared to the third quarter of 2019.
Venezuela continues to show that it is one of the countries with the highest adoption of cryptocurrencies in the region and throughout the world, above economies as large as the USA.
Among the main reasons, it is found that countries in emerging markets such as the country South American like Kenya, Nigeria and Vietnam, occupy a very high weighted position in the use of P2P platforms as the main means of exchange to escape inflation, sending and receiving remittances, as well as a ramp to access cryptocurrencies due to the restrictions imposed towards centralized exchanges.
In the study, it can be seen that the total volume of transactions made up of smaller and retail-size payments below USD 10,000 in cryptocurrencies, has P2P exchanges as Localbitcoins like the great protagonists.
Finally, at the regional level, Asia Central and Southern, as well as Latin America and Africa, are the ones that send more web traffic to P2P platforms than regions with countries with larger economies such as Europe Western and Eastern Asia.
The reasons converge once again with the need for savings in cryptocurrencies, payments for professional services in cryptocurrencies before exchange traps and the use of these P2P platforms for the payment / sending of remittances.
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