The demand for remittances in cryptocurrencies has presented a noticeable growth in recent months.
Statistics from Coinpay.cr proves that remittances sent to Venezuela, Argentina, and Brazil have increased 900% in the last year. Latin America makes a difference due to its adaptation to cryptocurrencies and the great usability that cryptoactives have within the countries.
The growth of cryptocurrencies in LATAM
According to studies by Chainalisys, the growth of cryptocurrencies in LATAM is mainly because they have served as an alternative for many people to send remittances mainly from the United States to Latin America, where they have gone from 100 to 400 million dollars sent between 2020 and 2021.
The interest and acceptance of the population are because crypto assets also represent a way to protect their money from any monetary devaluation with the use of stable cryptocurrencies such as USDT, USDC, among others. People in LATAM are using cryptocurrency as an alternative for sending money from the United States, as payment networks, and even as a source of full-time work.
Good use of remittances in cryptocurrencies
Experts such as Jorge Pasapera, founder of Coinpay.cr, suggest that the ideal is for people to collect as much reliable information as possible before selling, buying, or exchanging cryptocurrencies, since it lends itself to possible theft or fraud.
“Remittances and cryptocurrency transactions have grown between 800% and 900% in a single year, and if a good approach is known and the country promotes it in the correct way, it can be widely accepted as it is easier than resorting to traditional systems”
Pasapera asserts that you have to know how to use a cryptocurrency, as well as the means to solve the points in the remittance route, such as: where to acquire the currency, considering that its value can fluctuate. Above all, there is the need to know where or how they can exchange the cryptocurrency at its final destination without unnecessary high costs.
In terms of the benefits of making remittances by using cryptocurrencies, it is worth mentioning the globalization of transfers, and the great opportunity that they can be received from anywhere in the world or from the same country, always 24/7. An example is Costa Rica, where the number of transactions from 2020 to 2021 increased by 200%, being the average approximately $200, according to data compiled by Coinpay.cr.
By Audy Castaneda
