**According to Decrypt:**

A joint report by the University of Cambridge in the UK and the Inter-American Development Bank (IDB) reveals significant cryptocurrency industry growth in Latin America and the Caribbean between 2020 and 2022. The report, based on a survey conducted with 80 companies and institutions from June to August of the previous year, shows that the cryptocurrency industry has more than doubled in size compared to 2016.

In the past, South American investors primarily bought cryptocurrencies for speculative purposes. However, after 2020, the proportion of respondents citing "inflation hedge" as their reason for purchasing cryptocurrencies increased significantly. Additionally, the survey found that the regulatory environment in the Asia-Pacific region was perceived as the most significant obstacle to the cryptocurrency industry by most respondents.

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