Chainalysis report: Latin America is the seventh largest cryptocurrency economy and has the highest preference for CEX

Odaily Planet Daily News Chainalysis will release the "2023 Cryptocurrency Geography Report" later this month. The key points are as follows: - Latin America is the seventh-largest cryptocurrency economy among all regions studied in the report, behind sub-Saharan Africa but about the same as the Middle East and North Africa, East Asia, and Eastern Europe; compared to other regions, it ranks It has remained relatively stable over the past two years. - The preference for centralized exchanges is highest in Latin America, which deviates slightly from institutional activity compared to other regions. - While Latin America’s crypto economy is smaller than most other regions, grassroots adoption is high, with three countries ranking in the top 20 on Chainalysis’ Global Crypto Adoption Index: Brazil (9th), Argentina (15th) and Mexico (16th). Cryptocurrencies have become an important part of daily life in many countries in the region, especially those facing currency devaluation. - Almost every country devotes more trading volume to centralized exchanges than the global average. In Venezuela, a whopping 92.5% of cryptocurrency activity occurs through these services. However, Mexico is the only exception, with nearly half of its trading volume being processed through decentralized exchanges. This may be why Mexico devotes a higher proportion of buying activity to altcoins, as decentralized exchanges list far more assets than centralized exchanges. - Data suggests that demand for USDT is much higher in Argentina than in Brazil, which is almost certainly due to the recent currency devaluation that Argentina has faced. At the same time, Brazilians have shown higher demand for Bitcoin, especially altcoins, which are more commonly used for long-term investment and speculation.