Crypto remittances in Venezuela surge as economic situation worsens
Sanctions from the United States, spiraling inflation and government corruption have created an economic nightmare for Venezuelans.
As the economic situation in Venezuela continues to worsen, crypto remittances from family members living abroad have surged to support residents inside the country suffering from persistent inflation and supply issues.
In 2023, cryptocurrencies accounted for 9% of the $5.4 billion in remittances sent to Venezuela, representing $461 million in value. Remittances to Venezuela have increased every single year since 2018, with the exception of 2020, according to Chainalysis.
Remittances are typically sent using services such as Western Union. However, comparatively steep fees, wait times and currency supply issues can often make these services, as robust as they are, unviable for individuals in the developing world.
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Author: Vince Quill
