Over 60% of Peruvians are enthusiastic about cryptocurrencies and are interested in buying Bitcoin and other crypto assets. The highest level of adoption in the Caribbean is in Haiti, where more than 107,000 citizens own crypto assets.
Since enthusiasm about cryptocurrencies has recently grown among Peruvians, over 60% are interested in Bitcoin (BTC) and other crypto assets. If the South American country reaches that adoption level, it could climb the ranking of territories with the highest acceptance in the region.
More than 1.2 million people in Peru have cryptocurrencies, equivalent to at least 3.74% of the population. However, the trend of those figures may change radically this year, considering the high interest from residents in crypto assets.
The Spanish American country has recorded an 18.3% increase in the use of cryptocurrency wallets since 2020. Meanwhile, the trading volume on the Buda exchange has grown by 613% over the last six months.
The above figures show that Peru will likely become one of the countries in the region with the highest cryptocurrency adoption this year. It could escalate to the leadership positions currently held by Venezuela and Colombia, where over 6% of the population own crypto assets.
Besides the cryptocurrency boom in Peru, there is an initiative of the city hall of La Molina in Lima. They are implementing the MoliCoin program to promote payments in BTC and other cryptocurrencies among businesses.
According to a statement from the city hall, that initiative would provide answers on how a business can take payments in cryptocurrencies. They also said it would deal with choosing a wallet, using it correctly, and giving various advice.
The current high interest from Peruvians in Bitcoin has led the government to advance in creating its central bank digital currency (CBDC).
Peru is also moving toward regulating Bitcoin and other cryptocurrencies by introducing a bill in the Peruvian Congress. With it, the government seeks to provide a legal framework for the crypto asset market.
Haiti Is the Caribbean Country with the Highest Cryptocurrency Adoption
More than 107,000 Haitian citizens own cryptocurrencies, a figure equivalent to 1% of the population. That makes Haiti one of the countries with the highest number of users in the Caribbean.
Seven other Caribbean countries follow Haiti in the ranking of cryptocurrency adoption. They included Jamaica, Puerto Rico, Trinidad and Tobago, Suriname, Bahamas, Belize, and Barbados.
It is not coincidental that Haiti leads the countries with the most cryptocurrency users in the Caribbean. On the contrary, it can be due to the high volume of remittances sent and received.
Haiti and Jamaica have a remittance percentage of over 23% of their Gross Domestic Product (GDP). For that reason, they now have the highest number of cryptocurrency users in the Caribbean.
Remittance senders usually pay high fees for each transfer through various intermediary companies. That leads to thinking that many users turn to cryptocurrencies to send funds with lower fee costs.
Between October 2019 and April 2020, monthly remittances to Latin American countries from the United States were around USD 100 million. However, between April and May 2021, they increased to about USD 400 million per month.
Bitcoin is trading at around USD 40,356 and has accumulated a 1.7% loss over the last 24 hours. Its daily trading volume is above USD 31.69 billion, and its market capitalization is about USD 762.25 billion, according to CoinGecko.
By Alexander Salazar
