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Cryptocurrency Remittances Become Vital for Venezuelan Migrants Supporting Families
Like Venezuela he is recovering After one of the most severe economic crises in history, more and more families are turning to an unconventional lifeline: cryptocurrency.
Remittances, or cash payments from relatives living abroad, are traditionally sent through international banks or retail financial activities such as Western Union OR MoneyGram often burdened by high transaction fees of up to 7%. With the volatility of the bolivar and a series of government restrictionsand transfers can take up to three business days to complete, but speed often trumps cryptocurrencies.