Crypto Remittances from Venezuela Total $460 Million in 2023

The Venezuelan migrant population, now exceeding 7 million, has utilized cryptocurrency to send over $460 million in remittances back to those in the country. 

According to Chainalysis, 30% of Venezuelan households received remittances in 2023. With 9% leveraging crypto for efficient transfers. Remittances serve as a vital lifeline for residents, with migrants sending a total of $5.5 billion in 2023. Through unofficial intermediaries and bank accounts in both Venezuela and origin countries. 

This makes Venezuela one of South America’s largest recipients of remittances. Chainalysis reported that $461 million was transferred via crypto rails, demonstrating the growing role of digital currencies in financial transactions amidst economic challenges and sanctions.

Clever Robot News Desk 9^th July 2024