WHY LATIN AMERICAN IS EMBRACING CRYPTO CURRENCY
Latin American countries are embracing crypto currency for a reason
Why is this happening in Latin America? Many Latin American countries face economic crises. In the face of soaring inflation, and in the absence of banking services for many, Bitcoin and other cryptos have become part of the way of life.
In El Salvador, around 70% of the population do not use or have access to banking services. However, the majority do have a mobile phone which is all that is needed to use cryptocurrencies.
Latin American countries are taking steps towards making cryptocurrencies a mainstream feature of the global financial ecosystem. But will countries outside the developing world follow their example?
China has already shown the hostility some countries have towards Bitcoin. They have urged some banks and payment firms to crack down harder on cryptocurrency trading, in the latest move by Chinese authorities to stem the use of digital coins.
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