Companies permitting Bitcoin and other crypto payments have a more positive outlook in Brazil, Columbia, and Argentina, according to a study by financial payments processing firm CoinsPaid.
This is based on the fact that cryptocurrencies have a noticeable impact on people’s lives in these nations. Per the survey:
“Over 50% of Brazilians, 38% of Argentinians, and 35% of Colombians view currencies like bitcoin being accepted by companies positively or think it could be the future of money.”
In March, the study highlighted that the crypto preference was triggered by the need for a more secure infrastructure when conducting daily transactions. Furthermore, high inflation rates were another contributing factor.
Following the Brazilian Senate’s passage of a regulatory cryptocurrency bill, citizens have become more inclined to crypto usage daily.
“Brazilians showed 36.3% of respondents would prefer to use a currency like Bitcoin for daily purchases, which was echoed by the Brazilian Senate.”
Runaway inflation rates plus El Salvador’s adoption of Bitcoin as legal tender fuel a crypto desire among Brazilians, Argentinians, and Columbians.
With inflation on Brazilian soil doubling over the past year to hit 10% annually, a recent survey by crypto exchange KuCoin disclosed that 26% of Brazilians entered the crypto space in the last six months.
Moreover, young Brazilians, who comprised most of the population without bank accounts, jumped on the crypto bandwagon as an alternative option.
Despite Argentina’s central bank recently cracking the whip by banning financial institutions from carrying out crypto transactions, Argentinians had been seeking shelter in cryptocurrencies. They used crypto to hedge against a cyclical economic crisis that includes repeated currency devaluations, hyperinflation, and a recession.
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