Financial inclusion with cryptocurrencies in Latin America
In Latin America, where approximately 70% of the population lacks access to traditional banking services, cryptocurrencies are emerging as a transformative solution for financial inclusion. In this article, we will address the solutions that cryptocurrencies offer to the unbanked population, such as the ability to access payroll payment methods, save money securely, and apply for loans, among other things, which would otherwise be impossible for them.
For more information on the economic difficulties in Latin America, check out the article Cryptocurrencies: A lifeline against inflation in Latin America.
The challenge of financial exclusion in Latin America
Financial exclusion is a persistent problem in Latin America. The World Bank (2022) estimates that 70% of the adult population does not have a bank account, which limits their access to essential financial services such as savings, loans, and secure payments. In countries like Bolivia, where inflation eroded the value of the boliviano, or Argentina, with annual inflation exceeding 100% in 2023 (Central Bank of Argentina, 2023), traditional banking is often not viable for low-income populations or rural areas. High requirements, such as formal identification or proof of income, and transaction costs exclude many people from traditional financial systems.
Cryptocurrencies, backed by blockchain technology, offer a decentralized solution that does not depend on banking intermediaries. With a smartphone and an Internet connection, anyone can participate in the digital economy, which opens up endless new opportunities for the unbanked.
Cryptocurrencies: A gateway to the digital economy
Certain cryptocurrencies, such as Bitcoin, Ethereum, and stablecoins like USDT and DAI are accessible and secure. Unlike banks, which require a large amount of documentation, cryptocurrencies allow transactions with just a digital wallet.
- Savings: Stablecoins, such as USDT and DAI, are pegged to the US dollar, protecting users against the devaluation of local currencies. In Argentina, where 19.6% of the population owns cryptocurrencies (Chainalysis, 2024), stablecoins are a popular choice for safeguarding savings against inflation.
- Payments: Cryptocurrencies allow for fast, low-cost transactions, making them ideal for cross-border or local payments. In Mexico, startups like Félix Pago processed more than $1 billion in remittances in 2024, using platforms like WhatsApp to send money without bank accounts (Latam Fintech Hub, 2024).
- Loans: Decentralized finance (DeFi) allows access to loans without intermediaries. Platforms like Aave and Compound offer loans backed by cryptoassets, allowing the unbanked to obtain credit without the involvement of traditional banks.
Success stories: Cryptocurrencies change lives
Bolivia: Payroll in stablecoins for SMEs
In Bolivia, where inflation and the devaluation of the boliviano have generated major economic crises, SMEs are adopting payroll solutions with cryptocurrency payments. Companies like OneSafe implement systems to pay their workers in digital wallets using stablecoins like USDC, which reduces transaction costs and ensures timely payments. An SME in La Paz reported a 30% reduction in payroll costs by eliminating banking intermediaries (OneSafe Blog, 2024).
Mexico: Remittances through Bitso
Mexico, the second-largest recipient of remittances worldwide, received $63.3 billion in 2023 (Bank of Mexico, 2024). Bitso processed more than $6.5 billion in crypto remittances between the US and Mexico in 2024 (Latam Fintech Hub, 2024). María, a domestic worker living in California, sends remittances to Oaxaca using Bitso, because it reduces shipping costs from 10% to less than 1%, which benefits her family.
Argentina: Mobile wallets against inflation
In Argentina, with inflation exceeding 100% in 2023 (Central Bank of Argentina, 2023). Platforms like Lemon Cash and Buenbit allow users to buy, sell, and store cryptocurrencies like Bitcoin, Ethereum, and DAI. Juan, a street vendor in Buenos Aires, uses Lemon Cash to save in DAI, protecting his income from inflation and planning purchases for his business.
The role of mobile wallets and exchanges
Mobile wallets: The gateway
Mobile wallets are essential for the adoption of cryptocurrencies in Latin America. Platforms like CoolWallet, ELLIPAL, Lemon Cash, and Buenbit offer simple interfaces to store, send, and receive crypto. CoolWallet Go, launched in 2025, is designed for frequent users and is an affordable cold wallet, which reported a 32% increase in daily transactions after integrating the Changelly API.
Exchanges: Connecting the unbanked with the global market
Exchanges like Bitso, Binance, Paxful, and WEEX connect the unbanked with the digital economy. All these exchanges have a P2P trading service, which allows direct transactions between users. In Bolivia, transactions with digital assets grew by 530% between 2024 and 2025 (Central Bank of Bolivia, 2025). WEEX, a leading exchange, supports more than 600 cryptocurrencies, with very low commissions of just 0.5% and instant payments. In addition, on WEEX you can check the price of Bitcoin, market sentiment, and activate alerts so you don't miss anything.
Challenges and opportunities
Despite the progress, cryptocurrency adoption faces challenges. The lack of financial education is a barrier, as many users do not understand the risks or how wallets work. Regulations vary: Brazil and Argentina have made progress in creating regulatory frameworks, while Mexico considers cryptocurrencies illegal, which limits their adoption. Stay up to date on cryptocurrency news to learn about any new developments in regulation in Mexico.
Conclusion
Cryptocurrencies are revolutionizing financial inclusion in Latin America, offering tools to save, pay, and access loans. Stories like those in Bolivia, Mexico, and Argentina demonstrate how these technologies are transforming the lives of millions of people. With more education, clearer regulations, and continuous innovation, cryptocurrencies have the potential to unlock financial freedom for millions of Latin Americans.
Are you ready to get started? Register on WEEX, buy USDT or DAI, and start sending and saving without the hurdles of traditional methods. The future of money is already here!
Disclaimer
WEEX and its affiliates provide digital asset exchange services, including derivatives trading and margin trading, only where it is legal to do so and for eligible users. All content is general information and does not constitute financial advice. You should seek financial advice before trading. Cryptocurrency trading is a high-risk activity and can lead to the total loss of your assets. By using WEEX services, you accept all risks and related terms. Never invest more than you can afford to lose. Consult our Terms of Use and our Risk Disclosure for full details.
