According to a study by CoinsPaid, the adoption rate of cryptocurrencies as a means of payment in major Latin American countries already exceeds 60%.
CoinsPaid conducted a study on user sentiment in Latin America. The results found that more than 60% of residents of the largest Latin American countries are willing to pay with crypto for at least some of their purchases:
- Brazil — 63.1%;
- Argentina — 65%;
- Colombia — 65.4%.
Moreover, 36.3% of Brazilians expressed a willingness to use digital currencies in any physical store. In total, over 1,506 respondents were surveyed. The survey findings were revealed in an interview with CoinsPaid CCO Irina Valentovich for the Brazilian publication Valor Econômico.
CoinsPaid’s plans to open an office in São Paulo within a month or two were also voiced in the interview. “We already have several employees in Latin America, and it would be great to do business directly with local people, as they understand the mentality and culture better,” Irina Valentovich commented on the company’s plans.
The interview was given during Irina’s stay at the Brazilian iGaming Summit, the largest regional event in the field of online gambling. CryptoProcessing by CoinsPaid is the leading provider of cryptocurrency payment acceptance solutions for the iGaming sector. The volume of such payments in Q1 2022 increased by 268% compared to last year’s period, mainly due to online bookmakers.
Meanwhile, Irina Valentovich clarifies that CoinsPaid’s regional interests and activities go beyond the iGaming sector. “We are not just working with gambling. We are planning to develop e-commerce in Latin America, working on solutions for using cryptocurrencies as a means of payment,” she says. In particular, the integration of local payment service PIX with CoinsPaid Wallet, a B2C crypto wallet, has been announced and is expected to take place in Q4 2022.
CoinsPaid CEO Max Krupyshev announced plans to enter the Latin American market during the AMA session. It is no surprise because, according to Mastercard’s research, every second resident of Latin America is already using cryptocurrency. In Brazil specifically, the main law regulating the country’s cryptocurrency market should be adopted by the end of 2022. The country already has a state blockchain network and is working on the digital real (CBDC) with technical support from the Stellar Development Foundation (SDF).
