A new report from Ripple company confirmed that the majority of the people in Latin America are interested in crypto use in financial transactions.
The San Francisco-based Fintech company, Ripple, published its report on behalf of the conducted survey. The findings of the surveyed data revealed that Asia Pacific region-based people are interested in buying virtual items as a part of emotional benefits, while Latin American respondents showed interest in the use of crypto for business transactions.
The report noted that 74% of Latin Americans are interested to transact with those businesses which are accepting cryptocurrencies as a payment option. And this 74% figure is very big over 41% of Europeans in the same category of interest.
It is worth noting that a past report confirmed that 50% of the businesses already used crypto-supported payment systems and also they are interested to continue with the crypto industry.
The majority of the Latin American respondents look at the crypto industry from an economic point of view as an efficient system, while Asian respondents are looking at cryptocurrencies from the point of benefits to get from virtual assets investment, like NFTs. Initially NFTs buy sell interest was at a peak in Hong Kong, Singapore, China, and Taiwan during the crypto 2021 bill run, as per report of Satista.
More than 50% of the Latin Americans admitted that the crypto & blockchain industry has a significant impact on the current society & centralized financial system, while the same figure was 35% in Europeans.
The study noted that the Middle East and North Africa are lying between Latin America and bearish Europe, in terms of crypto interest & use cases.
The crypto-bullish nature can be seen among the government officials in Latin American countries. In September 2021, El Salvador’s president introduced the Bitcoin law Act and provided legal tender status to bitcoin, and after that many Latin American countries started to show similar kinds of interest in bitcoin.