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Ripple labs released their statement and mentioned the increasing trend of use of cryptocurrencies all over Latin America, but the company hasn’t adopted the digital crypto payment mode.
Many reports state in their research that Latin America and Asia are the regions where people are ready to adopt digital crypto payments. Many companies haven’t opted for crypto payment acceptance.
In June, a globally famous watch brand, Hublot, adopted the acceptance of digital crypto payment for other companies because Hublot has started accepting crypto payment for their Luxury watch.
BitPay is taking the initiative and offering its Payment gateway to many brands to let them enter the Crypto market. It provides a facility to accept Crypto and other bitcoin payments.
Use cases of Crypto do not mean only the use of Bitcoin, but it will include the payments of stablecoins and many other cryptocurrency like Ethereum and USDT Coin.
LATAM countries are on the verge of adopting virtual payment, and more than 50% of citizens believe that using digital cryptocurrencies will help increase the popularity of the crypto market.
Still, many people are unaware of crypto payment and basic crypto knowledge in some countries. This is because of the malfunctioning of government in the countries.
Many countries haven’t permitted and have not made any laws that favour cryptocurrencies and their use in the country, and this may impact the use case of Crypto.
Latin America and many other Asian countries are ready to adopt virtual payments. Still, companies in several countries haven’t adopted virtual payment because they believe adopting this type of payment of cryptocurrency will impact their company’s customer base. One most important factor of not adopting these payments is escaping taxes and transaction fees for every withdrawal.
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