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Latin America, the frontrunner for Crypto adoption?

From El Salvador becoming the first country to accept Bitcoin as legal tender to Binance granting Axie Infinity Scholarships, a lot has been happening in Latin America’s crypto bubble. While this is excellent news for the global crypto community, it does pose a question if Latin America is at the forefront of bringing the crypto adoption revolution. 

Today, we will be discussing all the latest happenings in Latin America’s crypto community. 

Binance Granting Axie Infinity Scholarships in Latin America

Axie Infinity has become insanely popular because of its innovative play-to-earn model that allows users to convert their crypto earnings into fiat currencies. However, to join the gaming pool, the player must put up an initial investment of at least $300. This amount, while insignificant for large investors, can burn a hole in a student’s pocket. 

To help everyone become a part of this exciting opportunity and simultaneously boost crypto adoption, Binance has announced a “scholarship” in which the winner will be the total owner of their winnings. 

“We are pleased to hear that our community enjoys the Play and Earn mode that games like Axie Infinity provide. In order to promote accessibility to the game in Latin America, we will raffle full scholarships, where the winners will have full access to these accounts and their production.” said Binance. 

Mexico doesn’t understand Bitcoin?

In a comical turn of events, the governor of the Bank of Mexico, Alejandro Diaz de Leon, made an interesting statement about Bitcoin. He thinks “money has evolved to be fiat money issued by central banks,” While this statement saw quite a mockery on the digital channels, it suggests that still, people are unaware of cryptocurrencies and their potential. 

However, on the other hand, it also suggests that more and more people are trying to engage with cryptocurrencies which is undoubtedly good news. 

Brazil and Brazilians at an impasse?

In an event, the Director of Relations, Citizenship, and Conduct Supervision of Brazil’s Central Bank, Mauricio Moura, boastfully hinted at his plans to stop the use of cryptocurrencies. On the other hand, according to a report by Sherlock Communications, around 48% of Brazilians think Brazil should follow in El Salvador’s footsteps. 

Who will win the community or the country? Well, the answer is quite obvious, isn’t it?

Apart from this, there are rumors that the Venezuelan government is planning to create the first CBDC in Latin America. However, the details are still hazy. 

Apparently, Latin America’s making a lot of headway in promoting cryptocurrencies, and it will be interesting to see what the future holds for the sector. However, this movement by Latin America is sure to inspire other countries to legalize Bitcoin as well. 

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