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Cryptocurrencies continue to grow worldwide, including in South America. According to a recent study published by the World Bank, only 49% of adults in the region have access to banking services. In general, it is very difficult to open a new bank account because it involves bureaucratic processes and high maintenance costs.
However, the penetration of smartphones continues to grow in these countries. This is why many people prefer to use virtual currencies like Bitcoin or Dash.
In Venezuela, for example, the number of Bitcoin and Dash users continues to grow. In fact, the country has the most active Dash community in the world. Caracas is one of the cities with the largest number of dealers who accept Dash in the world, even more than countries like the United Kingdom, Germany or the United States, among others.
Due to the economic crisis the country is experiencing, citizens have moved to digital goods. This allowed them to continue moving funds without having to worry about hyperinflation inflation or handling large sums of cash, which was virtually impossible.
The luckiest people who have been able to acquire mining equipment are able to extract digital assets profitably. However, the government closed the mines and closed imports of GPUs.
Second Local bitcoins, the number of Bitcoin coins exchanged by Venezuelans has grown over time. In fact, in 2018, it recorded a record of 1,974 BTCs moved in a week using local Bitcoins.
The country has also created the so-called Petro cryptocurrency, launching in this way the first national cryptocurrency in the world. However, this currency was not accepted by anyone. Although the government has imposed it on some individuals, some reports show that it is not working at the moment.
In Brazil, the situation is different. Being one of the largest economies in the world, Brazil plays an important role in the encrypted market in Latin America. There are several companies and retail stores that accept various virtual currencies as a means of payment.
For example, you can pay at Oasis Supermercados using Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC). Another transport company, Viação Garcia accepts payments using these digital currencies as well. Some other companies that accept cryptographic payments are Fasttech.com, Plaza Hotel and many others.
Colombia is also growing in the cryptocurrency market in Latin America. Due to the fact that the country is close to Venezuela and there are thousands of migrants coming from this country, the crypto space is growing in Colombia. For example, the country has 27 ATM Bitcoins second CoinATMRadarand the number of these machines could continue to grow in the future.
There are several companies that are located in Colombia and are working with digital resources and blockchain technology. Furthermore, several events took place in the country.
Peru has also experienced greater use in virtual currencies in recent years. Although it is not an important country for cryptographic space, there are people who continue to develop different platforms and services.
For example, Enrique Cardoza, Bitinka's Project Manager, one of the largest exchanges in the world, said that there are individuals who support space while others not so much.
By the way, Cardoza commented:
"We can say that this has been divided into two camps: there are people who are very supportive of promoting information and spreading the world so that people can learn. [And also] there are many people who know this and take advantage of people's ignorance ".
Bolivia has always limited the use of cryptocurrency in the country. In fact, the government does not accept cryptocurrencies and is against Bitcoin. It is one of the few countries in the world, including Ecuador, where Bitcoin is strictly prohibited.
Chile also had a very active cryptocurrency community, but banks have turned down services to encrypted companies and users. The most important case in the country is related to the cryptic exchange of Buda, which the banks have suspended their accounts without any previous communication.
Both Chile and Argentina hosted important cryptocurrency events and meetings. In Chile, LaBitConf has attracted thousands of participants from all over the world interested in digital resources and DLP (distributed ledger technology).
In Argentina, even Bitcoin continues to grow. The market expands without problems and there are no important regulations that threaten the industry. The Argentine central bank supports blockchain technology and has allowed companies to expand in the country.
For example, Banco Masventas collaborated with the local company Bitex.la to send and receive transactions to other countries using Bitcoin. Users can deposit Argentine Pesos (ARS), the bank will manage them in Bitcoin via Bitex.la and will receive the funds in a foreign bank account in the local currency.
In addition, there are several companies based in Buenos Aires and Córdoba that offer services related to blockchain technology and virtual currencies.
Furthermore, there is a project in the country called La Bitcoineta. This is a minivan that runs through all of Argentina and other Latin American countries trying to spread the world on Bitcoin and other virtual currencies.
Uruguay, one of the smallest countries of South America it does not have an active community like other countries. However, the government is analyzing the possibility of launching a central bank digital currency (CBDC) that would help the country move towards a cashless society.
Cryptocurrencies seem to grow in many different countries of Latin America. In the future, depending on the policies adopted by governments across the continent, cryptographic space could continue to grow and expand.
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