Peru has emerged as a major player in the Latin American bitcoin sector.
According to Lemon’s most recent research, “Estado de la Industria Crypto 2024,” (State of the Crypto Industry 2024) the country ranks seventh in terms of cryptocurrency value received.
The report shows that the country ranks third in annual growth within the area.
This rapid ascension is being driven by developments in legislative frameworks, technical integration, and growing public interest in digital assets such as Bitcoin.
According to Cointelegraph, several factors such as improvements to regulations, the development of technology and an ever-growing population interest in topics digitally owned (Bitcoin being one of them) caused this accelerated rise.
Key developments in 2024
According to the Lemon report, Peru achieved several milestones contributing to the expansion of the crypto landscape during this past year.
The key point came with the implementation of interoperability, enabling local and foreign fintech to interact with Peru’s financial system.
This was an initiative of the Central Reserve Bank of Peru (BCRP) and the Electronic Compensatory Chamber (CCE)
This partnership allowed for seamless user experience through deposits and withdrawals in local currency (the sol) for companies like Lemon.
In addition to interoperability, the research highlights Peru’s fintech boom, with 346 active enterprises by 2023, a 20% increase from the previous year’s 288.
Of these companies, 45% are foreign enterprises, reflecting significant international interest in the Peruvian market.
According to Lemon, the implementation of interoperability in September 2024 has significantly increased transaction volumes for both local and international organizations, resulting in a surge in cryptocurrency app downloads compared to the previous half-year.
Dual wallets: a game changer
One of the most innovative trends that appeared then was the availability of dual wallets — platforms where users could have their local currency as well as cryptocurrency.
This characteristic was exploited by Lemon, who passed to the Peruvian market a unique value proposition.
By utilizing dual wallets, users can purchase or exchange any cryptocurrency using local fiat currency instantly, contributing to the growing accessibility of digital assets.
Such advances in technology made it easier for new users to access and also reflected the growing interest of Peruvians in cryptocurrencies.
As noted previously, participation in crypto markets was only possible for experienced users who used peer-to-peer (P2P) interfaces.
Particularly at the highs of the market in the second half of the year, the interoperability feature substantially reduced the technical barriers to adoption and allowed an entirely new demographic of crypto users to enter.
What’s ahead for Peru’s crypto scene?
Overall, Lemon’s analysis highlights Peru as one of the most promising cryptocurrency markets in Latin America.
Improved regulatory frameworks, fintech solutions, and dual wallets will provide a positive atmosphere for digital asset transactions.
While these changes are happening in the crypto landscape of Peru it is still uncertain what will happen about regulatory, market stability and user engagement.
However, its rapid progression makes it a contender in the local cryptocurrency game, with indicators for future growth and uptake also possible in the multilateral to come.
Peru’s focus on decentralised finance and cryptocurrencies suggests it could become a crypto lighthouse for Latin America.
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