Cryptocurrency Growing in Peru

Machu Picchu is a famous monument in Peru, built by the native Incan people in the 15th century.

Peru is a Latin American country known for its luscious jungles and varied wildlife. The country was home to the ancient Incan civilisation that built the now famous monument at Machu Picchu. Peru is also one of the most stable economies in Latin America. Now, as the world embraces blockchain innovation, Peru has joined in this development.

Peru’s crypto story

In 2017, Surbtc, along with Bitinka, began introducing virtual currency to the Peruvian market, reported Bitcoin.com. In its nascent stages, cryptocurrency took form in Peru and became a popular mode in the country’s financial discourse. This might in large part be due to the fact that about 80% of Peruvian citizens were classified as unbanked or underbanked. There was thus massive potential for virtual currency growth.

Exciting news in 2018 followed this surge, as Peru had created its own cryptocurrency called PeruCoin, reported Living In Peru. The developers announced that they hoped the creation of this virtual currency would encourage more Peruvians to join in the relatively small cryptocurrency market in the country.

Developments

Year after year, Peru has become more hospitable to cryptocurrency. This has thus led to major international cryptocurrency exchanges moving into the country in 2019, reported Cryptonews. Peru is now one of the region’s largest cryptocurrency users, with only Columbia and Venezuela outranking it.

In August 2020, Tokenpost reported that Peru has seen one of the biggest increases in the world of cryptocurrency adoption in the wake of the global Covid-19 pandemic. Meanwhile, Coin Center reported that the country abounds with cryptocurrency enthusiasts. More and more, these enthusiasts are hoping to popularise virtual currency discourse in the country.

Although not on par with fellow Latin American countries such as Argentina or Venezuela in terms of cryptocurrency development, the nascent Peruvian cryptocurrency industry has seen substantial progress and is sure to see more as the continent swiftly becomes amongst the most crypto-friendly in the world.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.