Cavecom-e: cryptocurrency use for remittances in Venezuela grows 40 %
According to estimates by the Venezuelan Chamber of Electronic Commerce (Cavecom-e), the use of cryptocurrencies to send remittances to the country has increased by 40 %
The president of the Venezuelan Chamber of Electronic Commerce (Cavecom-e), Richard Ujueta, noted that the use of cryptocurrencies to send remittances to the country has increased by 40 %.
Ujueta indicated that the “use of stable cryptocurrencies” responds to “the search for faster, cheaper, and more secure solutions compared to traditional methods.” In an interview with Fedecámaras Radio, he added that “remittances with stablecoin cryptoassets—such as USDT (Tether), USDC (Circle/Coinbase), and BUSD (Binance)—have shown sustained growth, aligned with the global trend.”
The trend is part of a structural shift in the remittance market, as traditional players like Western Union are committed to developing stablecoin-based platforms to compete in an increasingly digitalized market.
Regarding Venezuela and cryptocurrency adoption, the country “maintains one of the highest Bitcoin reserves in Latin America, although far below El Salvador, which holds 6,232 BTC (about $679 million),” according to data from Bitcoin Treasuries. In fact, the South American nation’s reserves are around 240 BTC, equivalent to $26 million.
Thus, Venezuela is positioned as one of the Latin American markets with the highest penetration of financial technologies, which is a driving force behind access to remittances.
M.Pino
Source: finanzasdigital
(Reference image source: Kanchanara on Unsplash)
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