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Bitcoin Remittances Helping Venezuelan Migrants, But is it Enough?

 
Bitcoin Remittances Helping Venezuelan Migrants, But is it Enough?
Breaking News / Bitcoin

Considering he only recently just left college, what Deimer González has achieved over the last year was unexpected, to say the least. 

Bear with me here because don’t worry, there’s a point to this. 

You may never have heard of González but in 2018 he left college with his diploma, clothes and memories to last to life along with a mobile wallet filled with 1.5 BTC in savings and left Venezuela. 

Hailing from the Capital of Venezuela, Caracas, González said that the savings that helped him to support his parents as he started to build a new life in Buenos Aires, Argentina.

As per CoinDesk, he said, “I was always able to send money back thanks to my savings, sparing my wages in pesos.” 

This year alone has been estimated to have seen 3.7 billion USD in remittances, money from abroad is an increasingly a big source of income for families in the South American nation. With this in mind, bitcoin and other digital currencies have assumed a much bigger role in facilitating cross-border transactions.

Furthermore, migrants are utilising cryptocurrency during the process of relocating itself. This is most likely because it’s often harder for jobless immigrants to access financial services in their new countries. 

“Plus, supporting a family in Venezuela isn’t easy, even with dollars. In May, Venezuelan economist Luis Oliveros placed the cost of living in the country as high as $900 a month for a family of five, with a basic food basket costing roughly $300 a month. For context, the minimum wage in Venezuela is currently equivalent to $15 a month, though economists suspect this rate won’t last long.”

For González, neither his prior $5 monthly wage as a PDVSA worker nor his Bitcoin remittances alone offer enough to help support his family. 

“Now I send $50 [worth of bitcoin] and it’s still nothing,” he said, that his parents need to work to sustain themselves without any more plans to move out of the nation.

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