Over-the-counter trading or OTC trading has reached nearly $300 million in Chile.

Chileans traded nearly $300 million in bitcoin via LocalBitcoins.com last week.

This jump in off-platform trading signals larger shifts in the current global economic situation.

• Buying and selling digital currencies outside the “OTC” trading platforms in the Arab world

Bitcoin adoption

The data shows a sharp increase in Chilean bitcoin transactions that started in late 2016, and although it is volatile, it indicates a sharp upward trend.

The last week ending February 8 recorded the largest volume of Bitcoin trading.

Given the overall recovery of the crypto market, it is reasonable to assume that this increase will continue.

Read:Chinese company buys $40 million worth of Bitcoin and Ethereum

Bitcoin has long enjoyed a growing popularity in South America, with economies in this region having a long history of inflation and economic problems and crises.

Appear data The growing OTC market in Chile is not the only or unique one.

A similar trend can be seen in many countries of the world.

Central trading platforms in South America are also showing signs of growth.

Fiat exchange portals such as Foxbit and Mercado Bitcoin are proliferating, and Binance recently moved there with the launch of Latamex.

Bitcoin and Crypto as the Next Economic Force

Cryptocurrencies are increasingly popular in underdeveloped countries, as citizens turn to them during times of economic crisis.

Despite this, the fact is that cryptocurrency has become equally popular in stable developing countries as well.

Chile, for example, has experienced strong economic growth and low inflation for the past thirty years.

Obviously, there are other factors that attract citizens of countries like Chile to the crypto space.

As these countries rely heavily on remittances, an economic sector in which cryptocurrencies are rapidly spreading.

A large percentage of the South American population is underfunded.

Read:Miami mayor tempts Chinese bitcoin miners with cheap nuclear power

Thus, blockchain assets can provide financial services not available from the old financial system.

Read:Ethereum miners’ holdings reach their highest level since 2016

It is worth noting that crypto services and points of sale are rapidly moving to Latin America.

PundiX, for example, is soon planning to install tens of thousands of XPOS devices in South American stores.

Other POS companies like Kappture and Cielo have big plans for this market.

The overall growth of cryptocurrency adoption in areas such as South America is positive evidence of a remarkable transformation in the global economy.

Politicians and regulators who have so far chosen to reject the blockchain revolution will have no choice but to deal with and adapt to it.

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