According to the global recruitment platform Deel, residents of countries with unstable economies are more likely to receive a salary in cryptocurrency.

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In its “Global Recruitment Report” presented to Cryptooshala on July 21, the firm found that despite the 2022 bear market, crypto accounted for 5% of all global payments withdrawn from the platform each month, up from 2% in the second half of 2022. of the year. 2021.

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According to the agency, residents of countries with an unstable economic situation and currency are more likely to accept payments in cryptocurrency. report. These include countries in Latin America (LATAM) and Europe, the Middle East and Africa (EMEA).

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Cryptocurrency withdrawals in the LATAM region accounted for 67% of the total, and 24% in EMEA countries. The share of residents of the North American region accounted for only 7% of the total number of crypto payments. Asia-Pacific was even lower with a share of just 2%.

In terms of asset type, Bitcoin (BTC) remained the preferred cryptocurrency, accounting for 47% of the total. The second digital asset for payments was USDC Circle at 29%, followed by Ethereum (ETH) at 14%. USDT Tether did not make the list.

Deal received data on more than 100,000 cross-border work contracts on the platform between January and July 2022. The firm helps businesses recruit, hire, and pay people across countries. He noted that Latin America tops the list of regions hiring internationally.

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Rising inflation is a concern for many countries in the Latin American region. Venezuela, Argentina, Chile, Brazil and Paraguay report inflation in double digits. trade economy.

The decrease in purchasing power using their own fiat currencies has likely contributed to the increase in crypto payments to regional workers.