Monday, October 2, 2023

Welcome to Latin American Overview, a comprehensive summary of the most crucial economic and cryptocurrency news across Latin America for the past week. In this edition: Brazil, Argentina, and Mexico make an appearance in Chainalysis’ 2023 Global Crypto Adoption Index; Argentine presidential hopeful Javier Milei attributes Argentina’s economic troubles to socialist policies, and Canadian cryptocurrency exchange Bull Bitcoin extends its operations to Costa Rica.

Brazil, Argentina, and Mexico Lead in Cryptocurrency Utilization

Brazil, Argentina, and Mexico are among the top 20 global nations in terms of cryptocurrency usage, as per the 2023 Global Crypto Adoption Index by Chainalysis. This annual report aims to quantify the extent of grassroots cryptocurrency adoption across various countries.

Chainalysis used multiple metrics to determine that India, Nigeria, and Vietnam have the highest rates of cryptocurrency adoption globally. The report also noted that while global grassroots adoption of cryptocurrencies has declined, it is on the rise in lower medium-income nations—those with a Gross National Income (GNI) per capita between $1,086 and $4,255.

Brazil is the first Latin American country to be ranked in the report and the only one to make it to the top ten, securing the ninth position. Recent data from the Receita Federal, Brazil’s tax authority, indicates a surge in both individual and corporate transactions involving cryptocurrencies. Argentina, grappling with inflation rates exceeding 120% and a currency devaluation crisis, is in the 15th position. Mexico follows closely, ranking 16th.

Milei Attributes Argentine Economic Deterioration to State Expansion and Socialist Ideals

Javier Milei, who is in the running for the Argentine presidency, points to socialist policies implemented by past administrations and the extensive role of the state in Argentina as the primary culprits for the country’s economic decay. Milei, victorious in the preliminary elections held in August and likely to win in the presidential elections, emphasized that Argentina’s adoption of socialism dates back a century.

In a recent conversation with Tucker Carlson, formerly of Fox News, Milei remarked:

The metaphor involving frogs in gradually heated water is pertinent here. As the temperature slowly increases, the frogs remain oblivious. By the time they attempt to escape, it’s too late, and they ultimately perish.

Bull Bitcoin Expands Its Footprint to Costa Rica

Canadian cryptocurrency exchange Bull Bitcoin has declared its expansion into Costa Rica. It plans to integrate SINPE Movil, one of the most popular payment systems in the country, facilitating the exchange of Bitcoin for local and international participants. Francis Pouliot, the CEO of Bull Bitcoin, stated that the expansion will allow transactions between Bitcoin and fiat currencies to occur “without the necessity for cumbersome international bank transfers and costly currency conversion procedures.”

These services will be made available via the Bitcoin Jungle Wallet, and Bull Bitcoin anticipates further international expansion in the coming year.

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We invite your thoughts on this week’s Latin American Overview report. Kindly share your opinions in the comment section below.

Frequently Asked Questions (FAQs) about Latin American Cryptocurrency Adoption

What countries are highlighted in the Chainalysis 2023 Global Crypto Adoption Index?

Brazil, Argentina, and Mexico are the Latin American countries mentioned as part of the top 20 nations in the Chainalysis 2023 Global Crypto Adoption Index. Brazil ranks ninth, Argentina fifteenth, and Mexico sixteenth in terms of cryptocurrency adoption.

Who is Javier Milei and what are his views on Argentina’s economy?

Javier Milei is an Argentine presidential candidate who attributes the economic decline of Argentina to socialist policies and the extensive role of the state. He claims that Argentina’s economic woes can be traced back to its century-old adoption of socialism.

What is Bull Bitcoin and what is its recent announcement regarding Costa Rica?

Bull Bitcoin is a Canadian cryptocurrency exchange that has recently announced its expansion to Costa Rica. The exchange plans to integrate SINPE Movil, a popular local payment system, to facilitate the exchange of Bitcoin for both local and international participants.

What income groups are experiencing a rise in cryptocurrency adoption according to Chainalysis?

According to Chainalysis, cryptocurrency adoption is growing in lower medium-income countries, where the Gross National Income (GNI) per capita ranges between $1,086 and $4,255.

How can one stay updated on cryptocurrency and economic developments in Latin America?

To stay abreast of the latest developments in the fields of cryptocurrency and economics in Latin America, one can subscribe to the Latin American Overview newsletter. The newsletter offers a summary of the week’s top cryptocurrency news.

More about Latin American Cryptocurrency Adoption

  • Chainalysis 2023 Global Crypto Adoption Index
  • Profile of Javier Milei
  • Bull Bitcoin Official Announcement for Costa Rica Expansion
  • Receita Federal Statistics on Brazilian Crypto Usage
  • Latin American Overview Newsletter Subscription


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LatAmObserver September 18, 2023 - 9:42 pm

Love the in-depth info here. Keep up the good work. Can’t wait for the next Latin American Overview.

SarahM September 19, 2023 - 2:35 am

Milei hitting the nail on the head. Socialism’s been dragging Argentina down for a century now. High time for change.

John D. September 19, 2023 - 9:24 am

Wow, Brazil 9th place? That’s huge for Latam. Go Brazil!

CryptoFan101 September 19, 2023 - 12:57 pm

Bull Bitcoin moving into Costa Rica? sweet. More countries need to open up to crypto. it’s the future.

EconWatcher September 19, 2023 - 6:44 pm

Surprising to see crypto adoption is actually growing in lower medium-income countries. kinda makes you think, huh.


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