Financial Freedom Is On The Rise In Latin America and The Caribbean
With weak currencies and financial crashes in some of the regions biggest economies like Venezuela and Brazil, it is no wonder that Latin American and Caribbean consumers are looking for economic freedom through digital currencies. They need to be able to save, send money to relatives, and make investments in a secure venue that won’t collapse at every political scandal or natural disaster. Cryptocurrencies and other blockchain based financial products offer those financial freedoms in a secure environment.
The Latin American and Caribbean Consumers Mindset:
Priority 1: Security
The geopolitical atrocities in the region have made many consumers wary of traditional banking institutions. Still, people continue to do business, invest, borrow and secure transactions. Cryptocurrencies are not bound to the same risks that have plagued the regions national currencies for some time and are a good alternative for many people. Also, blockchain based cryptocurrencies and other financial products are inherently transparent which adds another layer of protection.
Priority 2: Mobile Convenience and Simplicity
While a large percentage of Latin Americans and Caribbeans do not own a bank account, a vast majority of them own and use a mobile phone. They are used to the convenience and simplicity of using apps on their smartphones. They like personalized messages and notifications for that particular consumer based on things like search history, location, prior purchasing habits and a myriad of other data points.
The Rise in Financial Freedom
Latin Americans and Caribbean consumers are no longer limiting themselves to the national currencies and traditional banks that have failed them so often in the past. Instead, many are taking the liberty to go elsewhere for their financial needs. Many are putting their faith in cryptocurrencies and other blockchain based financial products to make investments, obtain loans, send home cash and conduct their day-to-day finances.
