Venezuela Crypto Remittances Soaring as Size of Diaspora Grows

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.

Within the last decade, Venezuela has become one of the primary remittance-dependent nations in South ...