Ripple Reports That 74% Latin Americans Prefer Crypto Business
- A report released by Ripple claims that over 74% of Latin Americans are open to businesses accepting crypto
- On the other hand, only 41% of Europeans are open to businesses accepting cryptocurrencies
Ripple recently published a report called “Crypto Trends in Business & Beyond,” which reveals that Latin America and the Asia Pacific region are highly bullish on crypto.
The study, released on Thursday, discovered that the areas agree that digital assets will have an impact on society. However, it revealed two differences in the regions’ opinions. While respondents from the Asia Pacific region are more likely to purchase digital products for “emotional benefits,” Latin Americans are more interested in using cryptocurrency for commercial transactions.
Moreover, the company believes that “institutional DeFi will take off in the next few years—pending clear and supportive regulation—with the benefit of zero-knowledge proofs to help solve for decentralized compliance.”
The report found the patterns of the Middle East, Africa, North America, and Europe being the most conservative for crypto adoption. It revealed that 74% of people in Latin America are more interested in businesses that accept crypto, compared with just 41% in Europe.
According to a separate survey by Mastercard’s New Payments Index 2022 with 35,000 individuals, Latin American businesses are mainly contributing to this increasing demand in the region. Moreover, 51% of customers have already used crypto assets to pay for goods and services in Latin America. The report by Ripple states:
“As more consumers hold crypto, and as more crypto payment use cases emerge, and finally as more companies make it easier to pay with crypto, we believe the [crypto] industry will see expanding and accelerating adoption of crypto for payments of all kinds through 2022 and beyond.”
NFT-related findings
It is not a hidden fact that Asians love NFT and the metaverse sector, with countries like South Korea seeing massive metaverse adoption in the past year.
The report reveals that Asian consumers are three times more likely to buy an NFT to celebrate an important moment than people from other regions. It mentioned the two biggest barriers that are preventing people from purchasing NFTs.
Interestingly, the concepts behind NFTs are too complicated in almost every region, the report explained. Moreover, the second important factor of fewer NFT purchases is that they are too expensive for many. It further reads:
“When “too complicated” is paired with the third most selected option — “I don’t understand them” — the picture of a technology that is not yet fully mainstream emerges, with opportunities to improve understanding, simplify access, and expand use cases.”
Ripple also mentioned the CBDC situation and estimated that 80% of central banks worldwide are actively exploring the digital form of their national currencies.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
