More and more countries are becoming interested in blockchain technology, and the Latin region is no exception. Both blockchain and Bitcoin in Latin America are on the rise.
Countries like Venezuela and Colombia often grab the headlines for the wrong reasons. When it comes to meaningful adoption of new technology, the story is somehow less salient than economic chaos, criminal bands, and political turmoil.
Yet blockchain in Latin America is steadily growing, as are Bitcoin trading and other cryptocurrency initiatives. Let’s take a look at a few recent cases.
Peer-to-peer Bitcoin trading
Peer-to-peer Bitcoin trading has recently been experiencing new all-time highs in the region. Last week, trading on LocalBitcoins skyrocketed in Venezuela, with users paying a $700 premium in some cases.
In Argentina, Bitcoin trading also saw another significant spike from just over 21m Argentine pesos to nearly 30m. This wasn’t enough to topple its all-time high from December when a series of measures to further restrict access to foreign currency were announced. But it still highlights the growth and relevance of Bitcoin in the country.
Bitcoin in Latin America is gaining traction from north to south, in fact. Trading volumes on LocalBitcoins also increased in other countries across the region, including Colombia, Mexico, and Peru.
Venezuela pushing harder with Petro
Last week, Venezuelan President Nicolas Maduro once again vowed to make the controversial Petro a success. Even while Biopago (the Petro’s payment system) temporarily suspended its services to the public, Maduro insisted that all state services will be priced and paid in Petros.
He also demanded that airlines operating in the country buy their fuel in Petro cryptocurrency. However, given the Petro’s dubious history, this may not be a smart move.
In fact, some buyers of Venezuelan crude oil have already stopped dealing with the South American nation after officials started Source…