Cryptocurrencies
Venezuela Crypto Remittances Skyrocket as Migration Crisis Worsens
- Migrants sent $5 billion in remittances in 2023, 9% in crypto
- Last year, remittances made 6% of the Venezuelan GDP
Migrants from Venezuela along the bank of the Rio Grande in El Paso, Texas in December.
Photographer: John Moore/Getty ImagesThis article is for subscribers only.
As Venezuela recovers from one of the most dire economic crises in its history, more families are turning to an unconventional lifeline: cryptocurrency.
Remittances, or cash payments from relatives living abroad, are traditionally sent through international banks or financial retail businesses such as Western Union or MoneyGram often saddled with high transaction fees of up to 7%. With the bolivar’s volatility and a host of governmental restrictions, and transfers taking up to three business days to complete, speed often gives crypto the upper hand.