Remittances and high inflation are the main factors driving adoption in the Latin American area, which will account for 9.1 percent of the worldwide value of crypto in 2022
According to a recent survey, the three main factors influencing the spread of crypto in Latin America are remittance payments, currency worries, and profit-seeking.
A Chainalysis research released on October 20 showed that the value of crypto-assets acquired by people in the seventh-largest crypto market in the world increased by 40 percent between July 2021 and June 2022, hitting $562 billion.
Experts believe that remittances played a role in the increase. Reportedly, the region's total remittance industry will reach $150 billion by 2022. The uptake of crypto assets-based services was "uneven, yet quick," according to Chainalysis.
The company cited one Mexican exchange that was part of the "world's largest crypto remittance corridor" and handled over $1 billion in transfers between Mexico and the United States in the year leading up to June 2022.