Venezuela Sees Surge in Crypto Remittances Amid Economic Crisis and Government Clampdown on Mining

As Venezuela’s economic conditions deteriorate, there has been a notable increase in crypto remittances by expatriates to support their families back home. Amid persistent inflation and supply shortages, cryptocurrencies accounted for 9% of the $5.4 billion sent to Venezuela in remittances in 2023, which amounts to $461 million. This trend of growing remittances has been consistent each year since 2018, apart from a brief dip in 2020, as reported by Chainalysis. Typically, remittances are processed through services like Western Union, but their high fees and the logistical challenges related to currency availability often render these options impractical for many in