Costa Rica is a major player in cryptocurrency and blockchain technology in Latin America

San Jose, Apr. 2 ( – Cryptocurrencies and blockchain technology continue to gain strong support in Latin America and progress in regulatory processes, with Costa Rica playing a key role in this fast-growing landscape.

Also, there is a public desire for national governments to regulate the issue. The fifth e-book Sherlock Communications Blockchain's annual report highlights cryptocurrency adoption trends in twenty-one Latin American countries.

One in five Latin American respondents (19%) said they were already investing in cryptocurrencies, up from 73% compared to 11% in the Sherlock Communications 2023 survey.

Investment in cryptocurrencies increased by 71% in Brazil, from 14% in 2023 to 24% this year, while Argentina saw a 63% increase, from 19% to 31%.

This growth is even more evident in Costa Rica, where investment in cryptocurrencies has increased significantly.

The most frequently cited reason in Latin America was the goal of saving money for the future, cited by 43% of cryptocurrency investors, and 38% said they considered investing in cryptocurrencies to supplement their income.

Sherlock Communications conducted an exclusive online survey in February 2024 with 3,438 people from six countries (Argentina, Brazil, Chile, Colombia, Mexico and Peru) to understand public opinion on blockchain and cryptocurrencies.

The research also highlights strong support for regulatory measures related to cryptocurrencies in Latin America. On average, 73% of people in the region said they agree with more regulations on crypto assets; And in line with this opinion, 61% disagree with measures to limit its adoption.

Crypto situation in Latam

Brazil, for example, has had legislation dedicated to so-called „digital assets” since the middle of last year, whose supervisory body is the central bank.

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Electronic book Costa Rica, Argentina and Mexico highlight the expansion of cryptocurrency adoption and grassroots initiatives.

In El Salvador, Bitcoin is recognized as the official currency, while Ecuador and Guatemala use blockchain in electoral processes.

„These data reinforce the trend of consolidating adoption of cryptocurrencies in Latin America. Both companies and users demonstrate maturity to meet current needs and prepare for new use cases that may arise. The world should pay attention to the development of blockchain applications in Latin America based on grassroots adoption, insights and case studies,” said Sherlock. said Louise Haddad, blockchain expert at Communications.

Blockchain technology has an excellent reputation in Latin America and is seen as one that will create positive impacts in other areas beyond business sectors and the financial market.

In the region, 61% of those surveyed by Sherlock Communications agree that blockchain will revolutionize the way governments maintain health records, 59% trust the technology as a tool to have a positive impact on underdeveloped communities, and 60% trust blockchain as a secure means of access. Send donations to NGOs.

Digital currencies

The exclusive inquiry asked Latin American citizens about Central Bank Digital Currencies (CBDC), which are digital versions of each country's fiat currencies, as a local currency authority. The question was asked because of Brazil's current process to create DREX, a digital version of the Brazilian real.

According to data from Sherlock Communications, Latin Americans see CBDCs as a tool to help fight corruption (67% agree with this statement) and are expected to streamline payments and reduce bureaucracy (68%).

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However, 61% of respondents admitted that they still don't understand enough about the issue, and 56% believe that digital currencies issued by central banks are a way for governments to control people's consumption habits.

There is a positive outlook on cryptocurrencies in Latin America, but there is still extensive work to be done in educating the public on the topic, both by national governments and the broader crypto community. We need to simplify the narrative of cryptocurrencies and CBDCs so that people can understand what is changing.

Patrick O'Neill, managing partner of Sherlock Communications, said, „The company is proud to be a leader in the rapidly growing crypto landscape in this region.”

„Latin America has become a global Web3 leader and it is amazing to see how much it has grown in the region in the last year. We are proud to share exclusive information about the public opinion in Latin America about cryptocurrencies and digital currencies,” he promised.

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