Venezuela’s Digital Asset Remittances Hit Yearly $460 Million
Highlights
- Venezuela recorded $5.4 billion in remittances last year.
- Out of this number, over $460 million were crypto transactions.
- Global adoption of crypto assets continues to soar with more use cases.
Venezuelan citizens have recorded a surging number of cryptocurrency remittances with figures above $460 million in the last 12 months. Generally, remittances in the country have grown due to harsh economic conditions that led to huge numbers of migrants. The figure shows a growth in crypto adoption in the last year in Latin America and other jurisdictions.
Venezuelans Embrace Crypto Remittances
Venezuelans have increased their crypto usage for transactions as general figures have spiked in the last year. According to data from the Inter-American Dialogue, Venezuelans remitted about $5.4 billion contributing 6% to the gross domestic product. To put growth in perspective, the figure is almost a 75% surge from 2021.
Crypto remittances were up to $461 million, totaling 9% of numbers per Chainalysis data. Manuel Orozco, director of Migration, Remittances, and Development at the Inter-American Dialogue noted that while the figures are high, a large number of migrants cannot afford to send remittances. “The number of Venezuelan migrants that are sending remittances has jumped 50-60%. It’s not a higher percentage because the rest of the migrants cannot yet afford to send money.”
Venezuelan remittances spiked after the country faced an economic crisis leading to migration with about 30% of households receiving money from foreign countries. In the last 10 years, over 7 million Venezuelans have left the country sending money back home through digital methods. While traditional remittance methods appear slower and more expensive, crypto assets provide an easier route. However, crypto users back home face certain regulations on some digital asset exchanges with many calling on pro-industry laws.
Crypto Adoption Soars
Venezuela isn’t the only country recording increased crypto remittances as global adoption continues. For remittances, traditional methods appear more expensive with rates hitting as high as 7% while crypto affords a faster and cheaper means. Furthermore, the price rally of crypto assets this year has made coins more attractive to most users. Some holders are gleaned to Bitcoin because of its transactional value while others point to its hedge against inflation.
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