The usage of crypto for payments in Latam went up from 61% to 64% during 2022 — more than double the usage of these tools that the second region, EMEA, saw at 27%.
The reasons behind the finding are said to be diverse, but include the instability of some of the local fiat currencies, and the influence of high levels of inflation in the region.from the Deel Lab for Global Employment, most remote workers in Latam prefer to be paid in cryptocurrency, reinforcing the popularity of this payment method amongst freelancers in the area.
The report found that bitcoin is the favorite cryptocurrency for receiving payments, accounting for 64% of all transactions. USDC, Circle’s dollar-pegged stablecoin, ranks second at 26%, and ethereum ranks third at 7%.
The report recognizes this fact, stating that “given the crypto market situation, workers have lost some interest in receiving payments in cryptocurrencies.” This might be related to the usage that crypto sees in Latam markets, which is focused more on real-world applications according to a report
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