Dogecoin’s Role in Venezuelan Remittances Amid Migration Crisis

Venezuelan migrants are increasingly utilizing Dogecoin for remittances due to its low transaction fees. In 2023, cryptocurrency remittances accounted for approximately 9% of the $5 billion in foreign remittances received by Venezuela.

Despite market downturns, Dogecoin's practicality for transactional purposes has driven its adoption. A recent Bloomberg report highlights the growing trend of Venezuelan migrants using Dogecoin for remittances.

According to data from 2023, crypto remittances contributed approximately 6% to Venezuela's GDP. Out of the total $5 billion in foreign remittances received during that year, $461 million (9%) was attributed to cryptocurrency transactions.

Manuel Orozco, Director of the Migration, Remittances, and Development program, commented on this development, noting a significant increase in the number of Venezuelan migrants sending remittances. He acknowledged the challenges faced by migrants when sending money through traditional channels.

Orozco cited the example of Paola Moncrief, a Venezuelan citizen who relocated to Texas in 2018. Seeking an affordable means to send money home, Moncrief turned to Dogecoin due to its minimal fees.