Cryptocurrency Remittances Grow 40% in Latam With Room for Growth

Latin America is leading in cryptocurrency adoption for remittances. A report by Chainalysis and AUSTRAC reveals a nearly 40% growth in using cryptocurrency to send money to Latam.

The report highlights that crypto ATMs can further boost adoption by allowing users to send money without intermediaries. Stablecoins, now part of the White House’s crypto strategy, offer a dollar proxy that helps safeguard purchasing power in economies with limited access to physical dollars.

Worldwide, over 38,000 crypto ATMs exist, with the U.S. hosting more than 30,000. Mexico, Puerto Rico, Panama, Colombia, and Argentina have the highest numbers in Latam, excluding El Salvador, which has over 200.

While El Salvador’s central bank notes a decrease in remittance volumes, this could be due to the winding down of Chivo Wallet, the state-run wallet, as well as confinement of the country’s bitcoin operations from the public sector.

Despite government challenges like those in Brazil, where a ban on stablecoin withdrawals to self-custody wallets is proposed, remittances are expected to continue growing due to their benefits over traditional methods.

Read more: [Crypto Remittances Fell Nearly 45% in El Salvador]