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Colombia and Venezuela lead the crypto trade in Latin America

The coronavirus pandemic and the economic crisis are the main factors.

According to a recent study by LocalBitcoins, one of the leading peer-to-peer (P2P) trading platforms, crypto trading statistics in Latin America have skyrocketed in recent months.

In the midst of the coronavirus pandemic and the economic crisis, Colombia and Venezuela stood out globally. With a Bitcoin (BTC) trading volume of 12.3% and 11.3%, respectively, both countries accounted for almost a quarter of the global total in 2020.

With 17.4%, Russia continues to stand out as the main trader within the platform.

The increase in interest in digital assets in Latin American countries is mainly due to the economic crisis, the depreciation of local currencies and the lack of an economic plan that sees a reactivation on the horizon.

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Although the case in Venezuela is extreme, these factors have also affected to a lesser extent investors from Argentina, Brazil and Chile, who are also immersed in economies reigned by uncertainty.

Colombia also stands out within the continent as the country with the most crypto ATMs in the region. According to data from Coin ATM Radar, Colombia currently has 60 Bitcoin ATMs.

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