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Global hiring firm Deel released its “State of Global Hiring 2021” report, which revealed that freelancing in Latin America is massively increasing, with more people choosing to accept parts of their paycheck in cryptocurrency.
The report revealed that Argentinians and Latin America are increasingly focusing their hiring strategies on international companies and jobs. The drastic changes in the working industry are attributed most likely to the decline of local economies and jobs stemming from the after-effects of the COVID-19 pandemic.
Freelance work in Argentina is increasing
As the report continues to explain, Argentina stands out in the region, as there has been a significant increase in workers’ wages – with 21% more working in the marketing, products, and sales sector over the last six months.
With the increasing volume of freelance work, the report also indicated there has been a similar pattern of the number of workers who choose to receive part of their paychecks in cryptocurrency. Specifically, workers are choosing to receive their payments in either Bitcoin (BTC) or Ethereum (ETH), with 90% of crypto payments to the region falling under the two categories.
Volume of crypto withdrawals are increasing
Latin America has emerged as one of the fastest regions adopting Bitcoin and other digital assets, primarily because of the increasing demand to increase financial inclusion rates of its citizens and promote financial stability.
It’s no surprise that the report also makes note of the increasing volume of cryptocurrency withdrawals, emphasizing Bitcoin’s popularity throughout the region.
“We are seeing an increase in cryptocurrency withdrawals, in countries like Argentina,” said Deel COO Dan Westgarth. “We currently offer withdrawals in BTC -the most popular in Latin America-ETH, USDC, and SOL through Coinbase.”
With Bitcoin and other digital assets providing a somewhat viable alternative to their volatile fiat currency, and bridging the gap for Latin American citizens to have access to financial services, Argentina’s freelance market is surely to continue witnessing an upward rise.