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Mexico Ranks Third in Latin America for Cryptocurrency Ownership: Blockchain Trends
- Currently, 3.1 million Mexicans own cryptocurrencies such as bitcoin, ethereum, solana, dogecoin or binance.
- Coinbase aims to enter the Mexican market with convenient cryptocurrency withdrawal services, aiming for a 30% reduction.
Cryptocurrency adoption among Mexicans has seen substantial growth, with 3.1 million individuals owning digital assets such as bitcoin, ethereum, solana, dogecoin or binance. This represents 2.5% of Mexico’s population, placing the country as the third highest in Latin America for cryptocurrency adoption, behind Brazil and Argentina.
Globally, according to the Chainalysis Global Crypto Adoption Index, Mexico ranks 16th for cryptocurrency adoption.
“Facilitate cryptocurrency withdrawal and offer services up to 30% cheaper than traditional cross-border payment methods.”
Luiz Eduardo Abreu Hadad, Sherlock Communications researcher and Blockchain consultant, wrote:
“It looks like Latin America is ready to ride the cryptocurrency wave.”
Remittances have played a key role in driving this adoption. In 2023, remittances sent to Mexico totaled $63.313 billion, marking a significant increase and fueling a 60% growth in cryptocurrency exchanges in local currency transactions through platforms like Bitso Business.
Continuing with the Previous Crypto News Flash Reportinterest in the Mexican market among cryptocurrency exchanges continues to grow. Coinbase, for example, aims to enter the Mexican market by offering cryptocurrency withdrawal services that are up to 30% cheaper than traditional cross-border payment methods.
Luiz Eduardo Abreu Hadad, a blockchain researcher and consultant at Sherlock Communications, noted that “it looks like Latin America is ready to ride the cryptocurrency wave,” reflecting the region’s growing enthusiasm for digital assets.
Brazil leads Latin America in cryptocurrency adoption, ranking 9th globally, thanks to the approval of Exchange Traded Funds (ETFs) for digital assets and increased acceptance of cryptocurrencies by banks.
Argentina, on the other hand, is ranked second in Latin America and fifteenth globally in cryptocurrency adoption, with 5 million citizens owning some form of digital currency. High inflation rates and strict capital controls have spurred this adoption among the Argentine population.
On the contrary, despite El Salvador adopts bitcoin as legal tender, cryptocurrency adoption has declined. The country fell from 55th place in 2022 to 95th place in 2023 in terms of public acceptance.
In a precedent Crypto news flash reportOverall, the growing adoption of cryptocurrencies in Mexico and across Latin America highlights a growing trend influenced by economic factors such as remittances, inflation concerns, and regulatory developments that shape public perception and engagement with of digital resources.
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