Remote workers in Brazil, Argentina, and Venezuela continue to boost salary payments in digital assets, despite the instability of the crypto market.
According to a survey prepared by Deel, a specialized company that works with remote job recruitment in more than 150 countries, at least 5% of payments to workers in Latin America were made in crypto assets in the first half of 2022.
Based on the contracts of over 100 thousand remote workers, the report indicates that payments via crypto more than doubled between the last six months of 2021 and the first half of 2022, registering a growth from 2% to 5%.
Argentina leads the way in crypto payments
According to Deel, Argentina currently has a higher proportion of workers paid in crypto assets compared to other countries in the region. The reason is that Argentines have been using crypto assets to circumvent the exchange rate and protect themselves from galloping inflation.
As a study by Buenos Aires-based Wunderman Thompson, published in July by Bloomberg, suggests, Argentina’s recurring currency crises and inflation of around 60% per year also contribute to two-thirds of Argentines opting for crypto asset payments to protect their savings.
In North America, up 7%.
In other parts of the world, about a quarter of payments came from Europe, the Middle East, and Africa. According to Deel, bitcoin accounted for under half of all crypto payments, down from two-thirds recorded in the middle of last year.
With several American soccer players and mayors in the cities of New York and Miami being paid in bitcoin, North America has seen a 7% increase in the overall share of payment with crypto assets, up slightly from last year.
According to the remote jobs recruiting firm, the volatility of crypto assets still means that some workers deal with the risk of having taxes collected based on payments that later drop in value.
Also, according to the report, there was the highest average salary increase among remote workers in Italy, with salaries increased by 175%, followed by Brazil, India, and Nigeria. In a general overview, the survey points to London, Toronto, and Buenos Aires among the top cities where remote work has been established, based on the number of employees hired.
Deel’s report was based on the contracts of younger workers in technology and finance, under the age of 35, who account for three out of every four contracts at the company.