Latin America is embracing cryptocurrency on a large scale. Local merchants and service platforms are increasingly using crypto payments in a challenging economic landscape.
The Case of El Salvador
In 2021, El Salvador recognized bitcoin as legal tender. This decision sparked debates but served as a clear example of how a national framework can coexist with traditional financial institutions. The aim was to broaden financial access and attract investment. Despite criticism, the country continued trials for everyday payments and remittances.
Brazil's Different Path
Brazil, the largest market in the region, has built active trading venues and startups around crypto assets. Residents use bitcoin, ether, and other tokens, while local platforms manage both retail and institutional transactions. Cryptocurrency is viewed in Brazil as a channel for savings and payments, supported by a large user base and service providers.
Regulatory Advances in Mexico
Mexico has made regulatory strides with its 2018 FinTech law that set the groundwork for exchanges and custody. This clarity helped platforms onboard customers and improved investor protections. Argentina seeks to defend savings against chronic inflation through crypto solutions.
Latin America is treating cryptocurrency as a practical toolkit for solving everyday financial challenges, driven by economic instability and the demand for faster, cheaper, and safer payment options.
