Dogecoin’s Role in Venezuelan Remittances Amid Migration Crisis
Release: 2024/07/09 00:00 Reading: 270
Venezuelan Migrants Embracing Dogecoin for Cost-Effective Remittances
Venezuelan migrants are increasingly utilizing Dogecoin (DOGE) for remittances due to its low transaction fees. In 2023, cryptocurrency remittances accounted for 9% of Venezuela's $5 billion in foreign remittances.
Despite fluctuations in the cryptocurrency market, DOGE has gained traction for its practical utility in financial transactions. According to a Bloomberg report, Venezuelan migrants are leveraging DOGE's low fees to transfer funds back home.
Manuel Orozco, Director of the Migration, Remittances, and Development program, highlighted the surge in Venezuelan migrants utilizing remittances, estimating a 50-60% increase. He noted the challenges faced by migrants in sending money through traditional methods.
As an example, Orozco mentioned Paola Moncrief, a Venezuelan who relocated to Texas in 2018. Faced with the need for an affordable remittance option, she turned to DOGE.
This development demonstrates the transformative potential of cryptocurrencies in addressing remittance needs, particularly among populations facing economic and financial constraints.
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