Venezuela may have the largest volume of crypto, but Mexico has more retail transactions in crypto.
A recent study showed that Latin America accounts for 7 percent of the total global cryptocurrency economy.
Mexico has accounted for almost 11 percent of all retail crypto payments since July 2019
According to El Economista, an investigation by Daniel Cartolin, a development officer for blockchain analytics firm Chainalysis, said the region received $ 24 million in retail crypto transactions and sent $ 25 million to other continents last year have.
He stated that the remittance and trading sectors are very present in retail crypto stores within Latin America. The country’s strong ties with North America as well as Asia enable these retail transactions to flow, the study found. It was also said that most of these transactions were carried out using Bitcoin ( BTC ).
Cartolin also said that cryptocurrencies are widely used for wire transfers across Mexico:
“In the traditional world, transfers between the United States and Mexico are substantial. We’re starting to see areas where cryptocurrencies are being used for wire transfers because there are fewer cryptocurrency exchange fees and the person doesn’t have to go to Western Union or Moneygram, to make the transfer, but this can be done from a telephone. ”
Mexico leads the way in retail crypto transactions, but Venezuela is the leading country in crypto usage in Latin America , according to a September study by the blockchain firm in Latin America.