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Crypto remittances in Venezuela surge as economic situation worsenscointelegraph.com/news/crypto-remittances-venezuela-surge-economic-situation-worsens
252 sats \ 8 comments \ @Cje95 6 Jul bitcoin
BTC and crypto continue to show its dominance in the international remittance stage
As the economic situation in Venezuela continues to worsen, crypto remittances from family members living abroad have surged to support residents inside the country suffering from persistent inflation and supply issues.
In 2023, cryptocurrencies accounted for 9% of the $5.4 billion in remittances sent to Venezuela, representing $461 million in value. Remittances to Venezuela have increased every single year since 2018
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10 sats \ 0 replies \ @Msd0457890 6 Jul
The situation in my country continues to be critical and one of the alternatives to cope with the situation has been assets.
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20 sats \ 1 reply \ @south_korea_ln 6 Jul
https://m.stacker.news/38412
It's interesting to see the different ratios between altcoins and BTC, depending on the country (if one is to believe Chainanalysis' data, of course).
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0 sats \ 0 replies \ @Satosora 6 Jul
Did it say which stable coins are being used? That is a big proportion.
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1 sat \ 0 replies \ @grayruby 6 Jul
“ In 2018, the Venezuelan government created a state-backed cryptocurrency called the “Petro” to sidestep United States sanctions against the energy-rich country. Unfortunately, the cryptocurrency failed to gain widespread adoption due to perceived corruption and its lack of status as legal tender inside the country.”
Unfortunately?
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0 sats \ 0 replies \ @NRS 6 Jul
Wow there is a significant development, a newfound appreciation for Bitcoin as a treasure
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0 sats \ 2 replies \ @Satosora 6 Jul
It used to be money order was the big thing. Now it is crypto? If Venezuela would only get on the btc like el salvador....
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20 sats \ 1 reply \ @south_korea_ln 6 Jul
Except, El Salvador is far from everyday BTC adoption, as far as I know.
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0 sats \ 0 replies \ @Satosora 6 Jul
Right, but it is trending toward the right direction.
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