As the crypto scene in Latin America grows, these stories highlight the region’s growing influence in the global market.

The Latin American region (LATAM) continues to assert its growing importance in the global crypto ecosystem. In Colombia, Nexo joined the Fintech Association, an important step in regional expansion. In the meantime, we are expanding our global ID verification service to Guatemala, addressing the issue of digital identity in a world where bots are becoming more prevalent.

Crypto Trading on the Rise in Bolivia

Bolivia has seen a surge in cryptocurrency activity since the country’s central bank lifted a long-standing ban on digital assets in June 2024. The Bolivian Central Bank (BCB) reported that crypto transactions increased by 100% in just three months.

Between July and August, the average volume of crypto transactions in Bolivia jumped to $15.6 million, double the $7.6 million that was recorded in the first half of the year. Stablecoins have become the preferred option for many Bolivians. They provide an alternative for e-commerce and international transactions.

The President of the BCB, Edwin Rojas, emphasized the importance of this change:

“The use of virtual assets is a positive step towards modernization and economic integration with the world to strengthen international commercial and financial activities. Since the enactment of the regulation, the population has an alternative mechanism to process remittances to and from abroad and e-commerce payments, among other activities,” Rojas said.

Despite this progress, Congresswoman Mariela Baldivieso, a proponent of the cryptocurrency, stresses that there is still work to be done. Particularly in the areas of financial education and regulatory infrastructure, Bolivia still faces challenges. Baldivieso believes that Bolivia could become a center of crypto innovation in the future with stronger educational initiatives and clearer regulations.

Worldcoin Expands Digital ID in Guatemala

With the launch of its World ID verification service in Guatemala, Worldcoin continues its expansion into Latin America. Beginning September 25, Guatemalan users will be able to use Worldcoin’s orb technology to verify their identity as a human. This service addresses growing concerns about online bots.

Users can ensure that their online interactions are real with a quick download of the World app and an appointment at one of the orb locations. A recent survey found that 83% of Guatemalans worry about distinguishing between human-generated and bot-generated content online.

The launch of World ID is seen as a solution to this problem. It provides greater security and transparency in digital interactions. Worldcoin’s expansion into Guatemala follows the company’s previous launches in Ecuador and Mexico, where the technology has already begun to gain traction.

Nexo Seeks Growth in Colombia

Crypto-lending platform Nexo officially joined the Fintech Association of Colombia on September 26. This partnership enables Nexo to integrate into the financial environment of Colombia and offer solutions for digital assets. By joining the association, Nexo will also be able to interact more closely with the local FinTech community and explore synergies within the sector.

Elitsa Taskova, Nexo’s Chief Product Officer, said: “The partnership with the Colombian Fintech Association reflects Nexo’s commitment to providing advanced digital asset solutions:

“Colombia presents a unique opportunity: with a staggering 92.1% of the population already having access to crypto-related services, the country is making a remarkable leap into digital finance. [We are not just entering a market, we are empowering millions of Colombians with accessible digital asset tools and shaping the future of finance in Latin America,” said Taskova.

These solutions meet the country’s growing demand for stablecoins. Nexo has seen a 73% increase in the number of local customers using its crypto-powered products over the last year.

By Audy Castaneda

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