Venezuelans have dispersed throughout the world, motivated by the scarce economic opportunities in their country; however, by leaving their families within the territory, they resort to methods such as remittances to support their loved ones: this is where cryptocurrencies come in to make a difference.

Remittances are the main source of income for Venezuelan families. In nations like the United States, Mexico and Spain there are considerable volumes of Venezuelans; however, it is more than certain that the largest concentration of migrants is located in the Latin American region.

In approximate data, it can be calculated that 29% of Venezuelans who are abroad, send money to their families constantly. The latter, in figures, represents some 2.2 million Venezuelans.

A popular business

In this way, the job of remittance workers has become popular. These for the most part are also Venezuelans; that offer the service of exchanging foreign currency for bolivars.

Of course, they do this in exchange for commissions that can reach up to 20% of the total amount. Despite this, the sending of remittances to Venezuela has not decreased; that in fact, could exceed 3.7 million dollars at the end of 2019.

However, this being a fairly popular service, there is a notable inclination to make these remittances through cryptocurrencies. The latter has played a fundamental role in the way in which remittances are sent to the Caribbean country.

Cryptocurrencies save the day

To explain how crypto assets manage to stand out among remittances, we must consider the position of the emigrant: who in most cases is deprived or imitated access to regular financial services.

In this way, cryptocurrencies have been exaggeratedly attractive for Venezuelans interested in sending money to the country. Operations through cryptoactive platforms are much simpler, in addition to being effective in just minutes.

In Venezuela, crypto remittance companies can be a lucrative business. According to testimonies, the crypto remittances in Bitcoin that are made from Peru to Venezuela; they leave between $200,000 and $300,000 USD per month.

On the other hand, from Venezuela, the National Cryptoactive Superintendence has its own platform for remittances in cryptocurrencies to bolivars; Homeland Remittances. The latter has very high commissions, and the trust that users have is very low.

Likewise, there are other users who prefer to send their remittances in cryptocurrencies directly to personal wallets.

All this has become a highly viable option; since it is an efficient method to safeguard the value of assets against the country’s economic inflation.

In addition, the trust in these platforms is enough for many because of the security they offer. Being these the counterpart of risky cases through the banking entities; of which there have been cases where the accounts of Venezuelans abroad are blocked when receiving the amount of an operation for remittances.