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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.
<h2 id="strong-venezuelans-embrace-crypto-remittances-strong">Venezuelans Embrace Crypto Remittances</h2>
Venezuelans have increased their crypto usage for transactions as general figures have spiked in the last year. According to data from the <a rel="noopener noreferrer nofollow" href="https://www.thedialogue.org/blogs/2024/04/migration-from-andean-countries/" target="_blank">Inter-American Dialogue</a>, 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.&nbsp;
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.”&nbsp;&nbsp;
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, <a href="https://coingape.com/venezuela-acts-tough-on-crypto-mining-amid-energy-squeeze/" target="_blank" rel="noopener noreferrer nofollow">crypto users</a> back home face certain regulations on some digital asset exchanges with many calling on pro-industry laws.
<h2 id="strong-crypto-adoption-soars-strong">Crypto Adoption Soars</h2>
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 <a href="https://coingape.com/price/bitcoin/#:~:text=Live%20Price%20of%20Bitcoin%20(BTC,market%20cap%20stands%20at%20$1,072,271,364,522." target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> because of its transactional value while others point to its hedge against inflation.&nbsp;
Also Read: <a href="https://coingape.com/bitcoin-selling-pressure-also-fueled-by-9301-btc-from-2-whales/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Selling Pressure Also Fuelled By $9,301 BTC From 2 Whales</a>
The post <a href="https://coingape.com/venezuelas-digital-asset-remittances-hit-yearly-460-million/" rel="noopener noreferrer nofollow">Venezuela’s Digital Asset Remittances Hit Yearly $460 Million</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Venezuela’s Digital Asset Remittances Hit Yearly $460 Million

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