Bitcoin

From Binance they confirm that the Covid effect is helping the introduction of cryptocurrencies in Latin America

From the cryptocurrency exchange platform Binance, they assumed that the effects of the Covid-19 pandemic would include the introduction of cryptography in the financial sector significantly. They pointed this out through a statement they shared from Colombia with Cointelegraph in Spanish.

In this context, they quoted the following: According to Chainalysis, the use of cryptocurrencies in Latin America made up 7% of the share globally from July 2019 to June 2020.

“Some industries have changed forever. People are more used to working remotely and conducting international transactions, which makes the adoption of crypto easier. Covid-19 also triggered other macroeconomic changes in almost all countries, such as the QE (quantitative easing) measure *. I believe that this new money from the increased liquidity will flow into the global market and much of it will be converted into cryptocurrency one way or another, “said Changpeng Zhao, CEO of Binance Global.

From Binance they confirm that the Covid effect is helping the introduction of cryptocurrencies in Latin America
From Binance they confirm that the Covid effect is helping the introduction of cryptocurrencies in Latin America

That statement is part of the trends and predictions that Changpeng Zhao made about the cryptocurrency industry for 2021. He hopes to be positive and to make great strides in both education, operations and regulation.

“We are actively working with many regulatory agencies around the world to create positive regulatory influences that benefit our industry and improve people’s lives,” he added.

According to Binance The exchange, which is represented in more than 40 countries, recorded a 60% increase in institutional client involvement in the third quarter of 2020 compared to quarter of 2019.

In this sense, The company recently added the Colombian peso (COP) to its platform to allow users to purchase cryptocurrencies through credit or debit cards. This national currency was joined by the Mexican peso (MXN), the Chilean peso (CLP) and the Peruvian sol (PEN). With this, the company reiterated its interest in providing the Latin America region with better access, information and operations to increase the use of cryptocurrencies and financial technology.

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