Venezuela: expatriates sent $450 million in cryptocurrencies to their loved ones in 2023
The catastrophic economic situation in Venezuela, characterized by high inflation rates, weighs heavily on citizens' finances. In 2023, about 7.7 million Venezuelan expatriates reportedly left the country in the last 10 years. They sent a total of $5 billion to this goal, of which 9% was transferred to cryptocurrencies, or $450 million.
This trend illustrates how cryptocurrencies can offer a more affordable and faster alternative to traditional money transfer solutions, such as Western Union and MoneyGram, which can result in high fees.
Although the West may find it difficult to grasp their interest in a relatively stable financial system, cryptocurrencies represent a valuable opportunity for countries in difficulty.
The catastrophic economic situation in Venezuela, characterized by high inflation rates, weighs heavily on citizens' finances. In 2023, about 7.7 million Venezuelan expatriates reportedly left the country in the last 10 years. They sent a total of $5 billion to this goal, of which 9% was transferred to cryptocurrencies, or $450 million.
This trend illustrates how cryptocurrencies can offer a more affordable and faster alternative to traditional money transfer solutions, such as Western Union and MoneyGram, which can result in high fees.
Although the West may find it difficult to grasp their interest in a relatively stable financial system, cryptocurrencies represent a valuable opportunity for countries in difficulty.
5 months ago
