Crypto asset investment in Latvia declines by 50% over past year, per central bank

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Crypto adoption in Latvia has been middling and is now falling.

Latvians transferred 51.8 million euros to crypto wallets in 2022, with the pace slowing to 10.7 million euros in the first quarter of 2023. Most of those accounts were with companies in European countries “where the ecosystem of new financial technologies is developing buoyantly,” such as Lithuania, Estonia, Malta and Ireland.Latvia was ranked 92nd out of 148 countries by crypto adoption by Chainalysis in its"2022 Geography of Cryptocurrency Report.

“This is primarily due to the low level of long-term savings of the population: in Latvia they have accumulated over a shorter period of time compared to many other euro area countries.” Retail crypto payments “continue to prevail” over crypto asset investment in the country, the report said, although they are characteristically small. Forty-four percent of retail payments made using crypto were worth 60 euros or less, and 97.5% were for under 1,000 euros . The report did not specify the monetary value of those transactions.

 

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