LATEST: Venezuelans Embrace Crypto for Remittances During Economic Hardship

Venezuela’s severe economic downturn has led to a mass migration exceeding those from Ukraine and Syria, with over 7.7 million fleeing in the last decade. Amid recovery, cryptocurrencies have become crucial, capturing 9% of the $5.4 billion in remittances last year, outpacing traditional methods in efficiency and cost. This shift highlights the growing reliance on digital solutions due to high transaction fees and restrictive financial regulations.

In 2023, about 30% of Venezuelan households received remittances, with many preferring cryptocurrencies like Dogecoin and Tether for their low fees and immediate processing. These digital options are increasingly favored over conventional channels, particularly in remittance-heavy communities in the US.

Cryptocurrencies offer a viable alternative, providing rapid, affordable ways to support families back home despite their inherent volatility. As traditional financial systems falter, digital currencies shine as a beacon of economic resilience and recovery for Venezuelans worldwide.

Bloomberg

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