Cryptocurrency News

Mexico Ahead of Other Latin-American Countries in Accepting Retail Crypto Transactions

Ever since the year 2019 started, the history of the cryptocurrency industry changed once and for all. The cryptocurrency industry has started gathering enormous user-base and mainstream adoption. Although the cryptocurrency industry had started flourishing in 2019, yet the year 2020 appeared to be the most eventful for the entire crypto-verse.

In the last year, the cryptocurrency industry has not only gained success and adoption from the financial institutions but also from the countries. Before the pandemic hit the world, the majority of the countries opposed the idea of having a cryptocurrency industry.

All of the major countries from around the world considered the cryptocurrencies to be nothing more than a hoax. Due to this, the cryptocurrency industry was not able to gather as much user base as possible.

That is when the pandemic hit the entire world and engulfed the majority of people’s jobs and savings. Many companies from around the world went down and left millions of people unemployed for an indefinite amount of time.

During such a hard time, when the entire world was trying to find a way out of the economic downfall, it was the crypto-industry that provided safe-haven to the people in need. It provided them with the opportunity to make profits through the small investments they made.

Towards the end of the year 2020, the cryptocurrency industry has finally managed to gain mainstream success and adoption. Now, the majority of the cryptocurrencies are showing a bullish trend and more investors are rallying up to the platform.

While countries such as Germany, Russia, Georgia, Switzerland, and China have earned a lot of popularity in crypto-space, Mexico has also shown up in the list of countries that believe in cryptocurrencies.

According to recent research reports, Latin American countries make up 7% of the entire cryptocurrency economy. Out of this 7%, 11% goes towards Mexico in the form of cryptocurrency transactions. It has been revealed that Mexico has maintained this position since 2019 and will only proceed onto growing in percentage.

Recently, a research report written by Daniel Cartolin, who is a development representative from Chainalaysis provided more information about Mexico’s contribution to the crypto-industry.

As per the data shared by Cartolin, the country made $25 million worth of cryptocurrency transactions in the form of outgoing transactions. As far as incoming transactions are concerned, the country received around $24 million worth of transactions from foreign sources.

Cartolin also revealed which sectors are the ones used commonly and abundantly by the Mexicans to send/receive cryptocurrencies. As per Cartolin, the sectors that have been involved in processing inbound/outbound transactions more than other sectors including trades and remittances.

It has been revealed that the reason behind Mexico processing so many transactions is because of its positive relations with Asia and North America.

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