Remittances in cryptocurrencies to Venezuela increased
Remittances in cryptocurrencies to Venezuela have increased due to the high inflation rate and difficult access to foreign currencies
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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