According to Ripple, Latin America is a hotbed of opportunity for cryptocurrency companies

The firm says the following about the concept.

There is a lucrative opportunity for traditional banks, fintech companies and governments to adopt more crypto-forward technology to address this underbanked and fragmented market.

This hints at the potential for crypto companies to play an active role in collaboration with banks and fintechs in these countries/regions as a key channel for making transactions and payments.

Difficult process

However, this harmonization process will almost certainly not be without problems. Banks in the region manage traditional payment channels, and several of the region's largest countries are quite bank inclusive, with 88% of the population in Brazil and 82% in Chile having bank accounts. The potential lies in offering services at a cheaper price than traditional institutions, which could lead customers to switch from cash and other payment methods to digital transactions.

According to the report, the participation of crypto companies in various regulatory debates is crucial for the future of cryptocurrencies in the region. Ripple believes this process will be beneficial and states that