Mexico is one of the countries in America with the greatest growth in the adoption of cryptocurrencies through remittances that citizens abroad send to their families for daily sustenance, to help to establish a business, studies or other purposes.

Of course, it cannot be considered the panacea or solution to all the economic problems of Mexicans. But they do constitute a simple, safe and fast way to send money to those who receive low salaries, are unemployed, among others.

According to recent data on the crypto market, “more than 3.1 million Mexicans are already investing in cryptocurrencies, making Mexico one of the countries with the highest adoption of these technologies in Latin America.”

Remittances in cryptocurrencies have been a driving force “that boosts consumption, injecting vitality into the local economy.” This money is used by those who receive it in their accounts for “the purchase of food and medicine, investment in education and housing, remittances become a lifeline for many families, especially in rural areas and with fewer job opportunities.”

Younger people see digital assets as an investment opportunity, despite market volatility, thanks to the large number of crypto exchanges that offer services in Mexico.

In general, cryptocurrencies have promoted financial inclusion and access to financial services for those who remained excluded from the traditional system. New business opportunities are opening up for this segment.

M.Pino

Source: cointelegraph

(Reference image source: Jorge Aguilar in Unsplash)

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La entrada Cryptocurrency adoption increases in Mexico thanks to remittances apareció primero en Bitfinance.

Venezuela’s economic situation, marked by inflation, has driven the increase in the sending of remittances in cryptocurrencies to the country.

Another of the compelling reasons for a rebound in this alternative is the difficult access to foreign currencies, especially the dollar.

Crypto remittances demonstrate a change in “patterns of sending money to the country, offering an agile and decentralized alternative to traditional money transfer methods.”

The use of blockchain technology by Venezuelans to receive funds quickly and safely demonstrates not only “the growing confidence in cryptocurrencies as a store of value, but also as a tool to circumvent financial restrictions imposed by government policies and international sanctions.”

With the increase in remittances in cryptocurrencies, the recipients of the money benefit but also the market, since the alternative is to inject liquidity in the absence of access to foreign currencies.

It is estimated that these remittances help “maintain domestic consumption and support key sectors such as retail trade and services, partially cushioning the effects of the economic recession.”

With this trend, Venezuelans demonstrate that they are capable of adapting to the challenges of the country’s economy, in addition to an advance in the way they “manage their personal and family finances” with the help of blockchain technology evolves.

M.Pino

Source: Binance

(Reference image source: DrawKit Illustrations in Unsplash)

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La entrada Remittances in cryptocurrencies to Venezuela increased apareció primero en Bitfinance.