communication agency Sherlock Communications, revealed through its report called Blockchain Latin America 2022that the adoption of cryptocurrencies will have a rapid acceleration during the next year in Latin America, as a result of the increasingly marked interest on the part of citizens.
The report that takes a look at the recent regulations that affect the adoption of the blockchain ecosystem in the region, It is based on an estimate of the economically active population of 143 million people in 2022, and a survey that was conducted online in March 2022 with more than 1,200 respondents in Argentina, Brazil, Colombia, Chile, Mexico and Peru.
According to this report, it is expected that in Latin America there will be a great increase in the incorporation of digital currencies in several countries of the region as a result of the existing enthusiasm on the subject. However, Patrick O’Neill, Managing Partner of Sherlock Communicationsexpressed that there is also fear and distrust as a result of ignorance.
“There is clearly a lot of interest in cryptocurrencies, but the survey also reflects that participants face concerns about cybersecurity regarding exchanges and tokens, as well as frustration with the availability of independent analysis and educational resources on this emerging area. for investments”O’Neill said.
On the other hand, Luiz Hadad, Blockchain Specialist Consultant at Sherlock Communicationshighlighted that knowledge about blockchain technology is quite superficial, which limits and generates frustration in many people to learn a little more. “As much as this report shows us that Latin Americans believe that cryptocurrencies and web3 will play an important role in their financial future, it also reveals that there is a large knowledge gap that frustrates the desire of many people to take the first step towards the digital economy (crypto space or crypto world)”assured.
An exciting outlook for Latin America
Within this report that takes a look at the recent regulations that affect the adoption of the blockchain ecosystem in the region, certain points have been collected that detail the characteristics and situations of some of the countries that have been studied.
In Peru, which is the fourth country in Latin America in the cryptocurrency adoption index according to Chainalysis, the interest in cryptocurrencies has grown by 1100% according to the Sherlock Communications report. Between 1% and 12% of the population say they will buy digital assets this year. Likewise, it was possible to see statistically within the surveyed sample that 27% will seek to invest in cryptocurrencies to better understand how this technology works, however it seems that they expect greater regulation, and specifically another 37% hope to have more information from the media. communication, whether general or specialized.
On the other hand, the Triple A report estimates that more than 1.2 million people currently hold cryptocurrencies.
In Brazil, more than 25% of respondents said they intend to buy crypto this year. Put like that, this would represent an increase of 91% according to the report compared to just over 13% of the population that has already bought a cryptocurrency or tokens to date.
As for Colombia, according to the survey it is the second largest crypto country in Latin America, with 22.3% of respondents expecting to buy digital currencies or tokens this year.
Notably while Brazil reports the highest adoption rates, the speed with which they grow is even greater in other countries in the region, such as the case of Mexico, where a 345% increase in adoption is expected. While Argentina reports a 235% increase in the adoption rate.
Education, an important element for adoption
Within the survey made by Sherlock Communications, points like: ‘Lack of understanding of how that technology works‘, ‘Need to have a better understanding of how to buy or invest in cryptocurrencies’ were the top two reasons respondents cited as barriers to pursuing their desire to acquire digital assets. “Over half of respondents gave at least one of these reasons as holding them back from buying crypto in the next 12 months”, they pointed out.
In this sense, the point of lack of education about cryptocurrencies was also supported by another of the main findings of the report, which indicated that a large proportion of respondents in all countries stated that they have never heard of blockchain. “It was higher in Argentina with 89.2% saying that they had never heard the term, although it had high levels throughout the region: 85% in Peru, almost 80% in Chile and Mexico, 77% in Colombia and 68% in Brazil. ”they commented on it.
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