The rise of cryptocurrency in the LATAM countries economy

3 min readDec 2, 2018

LATAM countries have suffered the effects of the collapse in global commodity prices were there were sharp declines in the Colombian, Mexican, and Chilean peso prices, in addition to the continued fall of the Brazilian real, which reached its lowest price in more than two years. This can be attributed to Argentine economy’s decline, due to the fact that when Argentina is affected, the valuation of the entire category falls, and over time, this leads to a devaluation of local currencies.

Following the Argentine scenario, large investors have withdrawn USD 5,500 million from the emerging market portfolio according to data from the International Finance Institute. Bloomberg stated in its report that they have withdrawn 1.2 billion of the Latin American portfolio only in the last week.

The LATAM countries’ venture into the cryptocurrency industry is fruitful due to the lack of access to traditional banks and financial systems. Many Latin Americans are turning to Bitcoin as a solution, and the recent market fluctuation seems only to have accelerated adoption. Hence, Bitcoin currency is already in play in the LATAM countries.

Bitcoin comprises a decentralized, distributed public record of transactions and balances; a publically reviewable set of rules by which this network operates and is maintained; and the native unit transacted on this network, known as bitcoin or BTC. The Bitcoin open-source protocol was implemented and released in January 2009, making Bitcoin the world’s first decentralized digital currency. Of Latin America’s 600 million inhabitants, over 70 percent own mobile phones, but less than 40 percent have access to formal banking services. With such a large, connected, yet under-banked population, Latin America is the perfect candidate for Bitcoin to gain a foothold over alternative financial systems.

Latin America is a group of almost 20 countries with only an estimated 14% participation rate in the cryptocurrency markets. One of the LATAM country, Peru, has an adoption rate of an estimated 0.7% only; so far behind its neighboring countries.

PeruCoin team aims to change this rate of adoption by introducing the blockchain technology to the Peruvians and foreigners alike, who has no or only has very little knowledge about the cryptocurrencies and the blockchain technology as a whole.

There is an urgent need to show and demonstrate to the Peruvians — why they need to embrace, adopt and also encourage them to invest in cryptocurrencies.

PeruCoin’s main short-term objective is the purchasing and acquisition of the factory which will later be converted into a mining farm. This will lead to guided visits to a crypto mining farm which in turn, will have a great PR appeal and will help Peruvians to understand the technology and infrastructure behind the enterprise.

This is a great opportunity for Peru as it is a USD 200 billion (approx) economy with a per capita income of about USD 12,890. Even a small percentage of this amount shifting to blockchain will have major consequences for both the Peruvians and the crypto economy.

The geographical micro-targeting would be extremely lucrative for all the stakeholders as PeruCoin becomes a one-stop shop for all things crypto in the rapidly growing South American nation. The ability to cross-sell various crypto services and offer access to global crypto players in one of the last untapped developed economies is an extremely valuable and strategic combination.

To encourage adoption of cryptocurrency specifically of that of PeruCoin. PERU Tokens will be offered to the general public for sale and purchase. If you want to take part on the sale and avail of the 40% EARLY ADOPTER’S SALE Discount, please visit our website: https://perucoin.com.pe/

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