Cryptocurrency Remittance Statistics


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Cryptocurrency Remittance Statistics 2023: Facts about Cryptocurrency Remittance outlines the context of what’s happening in the tech world.

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Top Cryptocurrency Remittance Statistics 2023

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Cryptocurrency Remittance “Latest” Statistics

  • Africa has the smallest cryptocurrency economy of any of the regions we study, receiving $105.6 billion in cryptocurrency between July 2020 and June 2021.[1]
  • Cross-region transfers account for 96% of all cryptocurrency transactions in Africa, compared to 78% for all regions taken together.[1]
  • According to a Brookings Institute study, Sub-Saharan Africa received at least $48 billion in estimated remittances in 2019, with approximately half going to Nigeria.[1]
  • Lightning’s network capacity has increased exponentially to approximately $150 million now that Bitcoin is a $1 trillion asset.[2]
  • According to the World Bank’s Global Findex database, 70% of adults do not have a bank account, making El Salvador’s economy one of the most dependent on remittances globally (24.1% of GDP).[2]
  • As per numbers assembled by market information supplier Statista, the complete exchange worth of computerized settlements, get line moves made over the web, has reached nearly $95.96 billion in 2020, addressing a year-over-year increment of over 21%.[3]
  • The United States of America leads the world in digital remittances with a total transaction value of $21.297 billion, followed by Switzerland with $7.969 billion.[3]
  • The World Bank places Mexico third among the nations with the highest number of recipients of remittances.[3]
  • According to data released by the country’s central bank, Banco de México, Mexican emigrants sent a record $36 billion home in 2019, an increase of 7% from the previous year’s almost $33.7 billion.[3]
  • Africans living abroad sent $46 billion back to their home countries in 2018.[3]
  • Even though remittances steadily increased between 2010 and 2020, increasing by 8.3% in 2020, many traditional exchanges shut down.[4]
  • 88% of Mexican households will have smartphones by 2020, but fewer than half will have bank accounts.[4]
  • Over $40 billion will be sent to Mexican families in the United States by Mexicans living in the United States in 2020.[4]
  • It is anticipated that there will be over 420 million crypto users and an average ownership rate of 4.2 percent worldwide by 2023.[5]
  • Somewhere in the range of 2015 and 2023, the cost of Bitcoin expanded by more than 173,000%.[5]
  • The cryptocurrency market is anticipated to expand at a compound annual growth rate of 56.4% between 2019 and 2025, with Bitcoin seeing an annual growth rate of 60% in 2021.[5]
  • India received $83.1 billion in remittances in 2020, followed by China ($59.5 billion), Mexico ($42.9 billion), the Philippines ($34.9 billion), and Egypt ($29.6 billion).[6]
  • Settlements from South Africa have been very costly by and large, which found the middle value of 14.4% in Q4 of 2020.[6]
  • Up to 69% of adults in South Africa had a formal account in 2019, which included mobile money (RemitScope, 2021).[6]
  • According to the World Bank, the global average cost of sending remittances in Q3 2021 was 6.30% of the total payment.[7]
  • According to Insider Intelligence’s forecasts, Mexico’s remittance inflow will reach $56.24 billion in 2022, representing the second-fastest annual growth rate worldwide.[7]
  • Bitso, a crypto remittance service based in Mexico, claims to be able to process up to 7% of US remittances to Mexico, which may indicate demand for Coinbase’s most recent offering.[7]
  • According to ibid., remittance flows to LMICs are expected to increase by 4.9% in 2022 to reach $626 billion, despite regional differences.[8]
  • According to the findings of a study conducted by PYMNTS, a significant portion of customers (24 percent) considers the option to send funds in cryptocurrency to be one of the primary factors in deciding on a payment services provider (PSP).[9]
  • 70% of customers pay a fee to send money overseas, with variable fees averaging 6.2% and fixed fees of $14.80, according to PYMNTS’s research.[9]
  • According to the findings of a study conducted by PYMNTS, 23% of respondents, or 8 million adults, used at least one kind of cryptocurrency when they made online payments to friends or family in other countries.[9]
  • According to the survey, cryptocurrencies were the preferred method of payment for online cross-border remittances for 13% of consumers.[9]
  • A specific survey found that 47% of consumers rated the security of the transaction and 41% rated the remittance recipient’s capacity to quickly access funds as factors that earned their trust.[9]

Also Read

How Useful is Cryptocurrency Remittance

The appeal of using cryptocurrency for remittance lies in its decentralized nature. Unlike traditional banking systems that are riddled with high fees, long processing times, and bureaucratic red tape, cryptocurrencies allow for peer-to-peer transactions that cut out middlemen and streamline the transfer process. This means that funds can be sent and received almost instantly, regardless of location, without the need for expensive intermediaries.

Another benefit of cryptocurrency remittance is its transparency and security. Every transaction made on the blockchain is recorded and cannot be altered, providing a level of accountability and trust that is often lacking in traditional remittance services. This not only prevents fraud and money laundering but also ensures that the sender and receiver have complete visibility over the status of their transaction at all times.

Furthermore, cryptocurrency remittance is accessible to anyone with an internet connection and a digital wallet, making it an ideal solution for individuals in developing countries who may not have access to traditional banking services. This opens up new possibilities for financial inclusion and empowerment, allowing people to participate in the global economy without the need for a bank account or credit history.

Despite these benefits, cryptocurrency remittance is not without its challenges. The volatility of digital currencies can pose a risk to both senders and receivers, as the value of the cryptocurrency can fluctuate rapidly within a short period. This means that the amount sent may differ from the amount received, leading to potential losses for either party.

Moreover, the regulatory environment surrounding cryptocurrency remittance is still evolving, with many countries struggling to keep up with the pace of technological advancements. This lack of regulatory clarity can create uncertainty for users and hinder the widespread adoption of cryptocurrencies for remittance purposes.

In conclusion, cryptocurrency remittance has the potential to reshape the way we send and receive money across borders, offering a faster, cheaper, and more secure alternative to traditional remittance services. While there are challenges that need to be addressed, such as volatility and regulatory concerns, the benefits of using cryptocurrencies for remittance cannot be ignored. As we continue to navigate the evolving landscape of digital finance, it is essential for policymakers, financial institutions, and individuals to work together to harness the full potential of cryptocurrencies for facilitating cross-border transactions.

Reference

  1. chainalysis – https://blog.chainalysis.com/reports/africas-grassroots-cryptocurrency-adoption/
  2. worldbank – https://blogs.worldbank.org/peoplemove/lightning-disruption-remittance-costs-silver-lining-entrepreneurship-during-crisis
  3. bitcoin – https://news.bitcoin.com/digital-remittances-reach-96-billion/
  4. restofworld – https://restofworld.org/2021/crypto-remittances/
  5. triple-a – https://triple-a.io/crypto-ownership-data/
  6. triple-a – https://triple-a.io/why-are-people-ditching-traditional-money-transfer-channels-for-crypto-remittance/
  7. insiderintelligence – https://www.insiderintelligence.com/content/new-pilot-thrusts-coinbase-mexico-s-56-billion-remittance-market
  8. migrationdataportal – https://www.migrationdataportal.org/themes/remittances
  9. pymnts – https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2021/new-data-25-percent-united-states-cross-border-remittance-senders-use-cryptocurrency/

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