Dogecoin

Coin

<ul class="news-points">
 <li>Venezuelan migrants increasingly use Dogecoin for remittances due to low fees.</li>
 <li>Crypto remittances made up 9% of Venezuela’s $5 billion foreign remittances in 2023.</li>
 <li>Despite market downturns, Dogecoin is valued for its practical transaction use.</li>
</ul>
Dogecoin (DOGE), the popular meme-inspired cryptocurrency, has found an unexpected use case: remittances. Venezuelan migrants are increasingly turning to DOGE to send money home due to its low transaction fees, according to a recent Bloomberg <a href="https://www.bloomberg.com/news/articles/2024-07-05/crypto-remittances-becomes-key-for-venezuelan-migrants-supporting-families#:~:text=Last%20year%2C%20Venezuelans%20received%20more,in%202023%20were%20through%20cryptocurrencies." target="_blank" rel="noopener noreferrer nofollow">report</a>.
Venezuela’s crypto remittances accounted for 6% of its GDP in 2023. That same year, foreign remittances amounted to $5 billion, with 9% ($461 million) consisting of cryptocurrency transactions.
Speaking on the development, Manuel Orozco, Director of the Migration, Remittances, and Development program, noted, “The number of Venezuelan migrants that are sending remittances has jumped 50-60%,” adding that migrants face challenges sending money through traditional means.
Orozco cited the case of Paola Moncrief, a Venezuelan citizen who moved to Texas in 2018. Seeking an affordable method to send mone…
The post <a href="https://coinedition.com/dogecoins-role-in-venezuelan-remittances-amid-migration-crisis/" rel="noopener noreferrer nofollow">Dogecoin’s Role in Venezuelan Remittances Amid Migration Crisis</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Dogecoin’s Role in Venezuelan Remittances Amid Migration Crisis

Coin Edition

Other articles published on Jul 8, 2024

Ethereum ETH Fails to Meet Crypto Traders’ Expectations: What’s the Plan to Find Altcoin Winners?

Over 8520 Miners Dispatched in BlockDAG’s Viral Presale, Steals Spotlight From Litecoin’s Appeal ...

Donald Trump Goes Full Crypto With Plans To Integrate Bitcoin As US Reserve Asset

Superfast - Liquid On-chain Broker

Investors Brace Up for US Election Outcomes as Crypto ‘Hits the Ballot’

Curve DAO Token (CRV) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Join our free newsletter for daily crypto updates!