Cryptocurrency

These assets are considered to provide a safe haven of value in the face of unstable economies.

Even though these researchers emphasize it is the most representative of the cryptocurrency ecosystem, it is not the only one. [88 percent ](https://inflacion.co/)and is one of the countries in this region with the highest volume of cryptocurrency transactions. The first of which is the people’s limited understanding of this matter. Salvadoran economic journalist Mariana Belloso agrees that these times of crisis are temporary and that we will indeed see a “move towards tradition” in the future. Canessa, who also participated in Bukele’s project, considers cryptocurrency’s arrival to be a significant paradigm shift in the global financial industry, with this technology being “something quite revolutionary.” This has undoubtedly sparked a debate between the traditional model and crypto technology itself. As highlighted in the 2022 Geography of Cryptocurrency Report by Chainalysis, Latin America received $562 billion in crypto between July 2021 and June 2022. In 2020, this rose t0 15.8 percent and has been increasing exponentially ever since, according to the report Cryptocurrencies: A Financial Crime Risk within Latin America and the Caribbean by Global Financial Integrity. A steady increase in the use of cryptocurrencies has been recorded throughout Latin America. According to Argentine newspaper [La Nación, ](https://www.lanacion.com.ar/economia/las-criptomonedas-son-una-alternativa-contra-la-inflacion-en-la-argentina-nid24042022/)“it is estimated that 17 percent of Argentina’s citizens use cryptocurrencies.” Despite their volatility, “these assets provide a safe haven of value in the face of unstable economies. For example, although a decrease of 200 percent in the cryptocurrency market “horrified” speculative investors in the United States, the online media outlet Rest of World indicated that Latin American Is this the beginning of the end of cryptocurrencies? The collapse of the FTX cryptocurrency exchange platform, created by Sam Bankman-Fried in 2019 and declared bankrupt on November 11, has damaged trust in the digital currency industry as a whole.