Cryptocurrency Gains Ground In Peru – Report Shows
South American countries have stepped up their game in recent times. The Latinos, as they are popularly referred to, have embraced the use of cryptocurrencies due to several reasons that dab around the standard of living to the accelerated rate of development of science and technology, among others.
Data and information from multiple sources revealed that other countries have a higher user base, but the growth rate in some countries in South American nations, exceed other places.
Living conditions, political instability, the general value of their fiat currency among others have forced many South Americans to look for alternative means of livelihood, where they can store money and be confident of its value, and in cryptocurrencies, most of them have found succor.
One of the South American countries that have sped up its crypto use is Peru. The nation has witnessed a great expansion in its crypto use, with monthly trading volumes, sometimes exceeding 50%, on a monthly basis.
Peru registered a record number of transactions, worth around 106 BTC per week, in May. Right in the middle of the bearish market.
A cryptocurrency enthusiast and the CMO of Bitinka, Walter Salmeri, spoke glowingly about the rate at which cryptocurrency has developed in the continent, and most especially, in Peru.
When asked about the peculiarity of the Peruvian market, he reiterated that it is not different from the other countries in South America and stated that he's quite positive about the digital currency, especially in 2018.
In his words, he said,
“As is the case all over the world, the crypto market always grows in the long run and a lot. Although it has shown a retraction and stagnation during the first months of the year, as a result of the enormous fall in the prices of most crypto activities, it is currently an accelerated growth and, as many believe, it will be further boosted in the last three months of 2018. Our estimate also shows this growth. As for stability, there is still a long way to go to ensure that the current growth is stable. In Peru, we already have over 20,000 users on our platform.”
Cryptocurrency Revolution In Latin America
He continued by saying that the crypto friendly environment that was extended in Peru, also affects another part of Latin America, as most of the countries are really into the virtual currency. Furthermore, he stressed that Bitcoin is the most popular coin, followed by Ethereum, Ripple, Bitcoin Cash, and Litecoin.
It's currently a windfall there, as the currency is not regulated in any way, whatsoever.
Analysts have reiterated over time, that cryptocurrency might finally turn to a symbol of social change, a vehicle that will transcend border and waters, and Peru and indeed Latin America might be a critical example.