Cryptocurrency Remittance Statistics


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Cryptocurrency Remittance Statistics 2025: Facts about Cryptocurrency Remittance outlines the context of what’s happening in the tech world.

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Top Cryptocurrency Remittance Statistics 2025

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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

One of the key advantages of cryptocurrency remittance is its relatively lower transaction fees compared to traditional banking or money transfer services. With cryptocurrencies like Bitcoin or Ethereum, users can send money across borders for a fraction of the cost typically associated with traditional remittance methods. This could potentially lead to significant cost savings for both the sender and the recipient, especially in countries where remittance fees can eat into a sizable portion of the funds being transferred.

In addition to cost savings, cryptocurrency remittance also offers faster transaction times. Traditional remittance methods often involve multiple intermediaries and can take several days to complete a transfer, particularly for cross-border transactions. In contrast, cryptocurrency transactions can be processed instantaneously, allowing recipients to access funds almost immediately. This is especially advantageous in situations where time is of the essence, such as emergencies or time-sensitive payments.

Another benefit of cryptocurrency remittance is the potential for increased financial inclusion. In many developing countries, access to traditional banking services is limited, leaving a significant portion of the population unbanked or underbanked. Cryptocurrency technology has the potential to provide these individuals with access to financial services, allowing them to participate in the global economy and receive remittances from family members abroad. This could help empower individuals economically and contribute to poverty alleviation in underserved communities.

Furthermore, cryptocurrency remittance also offers enhanced security and privacy compared to traditional banking systems. Cryptocurrencies are based on blockchain technology, which provides a decentralized and immutable ledger of transactions. This means that users can have greater confidence in the security of their funds and personal information, as transactions are encrypted and recorded on a tamper-proof network. Additionally, recipients of cryptocurrency remittances do not need to disclose sensitive personal information, offering a level of privacy that may not be available with traditional remittance methods.

While the potential benefits of cryptocurrency remittance are clear, there are also challenges and limitations to consider. One of the key hurdles is the volatility of cryptocurrency prices, which can fluctuate significantly within a short period. This presents a risk for both senders and recipients, as the value of the transferred funds may change before they are converted into local currency. Additionally, regulatory uncertainties and compliance issues surrounding cryptocurrencies may deter some users from adopting this technology for remittance purposes.

In conclusion, cryptocurrency remittance holds immense promise as a more efficient, cost-effective, and inclusive way to transfer money across borders. However, it is crucial for policymakers, financial institutions, and users to address the challenges associated with this technology in order to maximize its potential benefits and minimize its risks. By fostering innovation, collaboration, and regulatory clarity, the financial industry can unlock the transformative power of cryptocurrency remittance and pave the way for a more inclusive and interconnected global economy.

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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