Cryptocurrency Remittance Statistics


Steve Goldstein
Steve Goldstein
Business Formation Expert
Steve Goldstein runs LLCBuddy, helping entrepreneurs set up their LLCs easily. He offers clear guides, articles, and FAQs to simplify the process. His team keeps everything accurate and current, focusing on state rules, registered agents, and compliance. Steve’s passion for helping businesses grow makes LLCBuddy a go-to resource for starting and managing an LLC.

All Posts by Steve Goldstein →
Business Formation Expert  |   Fact Checked by Editorial Staff
Last updated: 
LLCBuddy™ offers informative content for educational purposes only, not as a substitute for professional legal or tax advice. We may earn commissions if you use the services we recommend on this site.
At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

LLCBuddy editorial team did hours of research, collected all important statistics on Cryptocurrency Remittance, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Cryptocurrency Remittance Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top Cryptocurrency Remittance Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 28 Cryptocurrency Remittance Statistics on this page 🙂

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 benefits of cryptocurrency remittance is its ability to provide a quick and seamless way to transfer funds from one location to another. Unlike traditional banking systems, which can often take several days to process international transfers, cryptocurrencies like Bitcoin and Ethereum can facilitate instant transactions with minimal fees. This speed and efficiency make cryptocurrency remittance an attractive option for individuals who need to send money quickly to loved ones or business partners in different parts of the world.

Another major advantage of cryptocurrency remittance is its cost-effectiveness. Traditional remittance services can be burdened with high fees, exchange rates, and other hidden charges that can eat into the amount of money being sent. Cryptocurrencies bypass these traditional financial intermediaries, reducing the overall cost of sending money across borders. This makes cryptocurrency remittance a more affordable option for individuals looking to transfer funds internationally without losing a significant portion of their money to fees.

Furthermore, cryptocurrency remittance offers an element of security and transparency that is often lacking in traditional banking systems. By utilizing blockchain technology, cryptocurrencies provide a decentralized and tamper-proof record of transactions, ensuring that funds are securely transferred from sender to receiver. This level of transparency can help build trust between parties involved in the remittance process, as both can track the progress of the transaction in real-time and verify that funds have been successfully transferred.

In addition to its practical benefits, cryptocurrency remittance also holds the potential to empower unbanked individuals and those living in countries with unstable financial systems. By providing a decentralized, borderless, and accessible way to transfer money, cryptocurrencies can reach populations that traditional financial institutions have struggled to serve. This has the potential to bring financial inclusion to millions of people around the world who have been left out of the traditional banking system.

However, despite the many advantages of cryptocurrency remittance, there are still challenges and limitations that need to be addressed. The volatility of cryptocurrency prices, for example, can pose risks for individuals who rely on these digital assets for their remittance needs. Additionally, regulatory uncertainty and security concerns surrounding cryptocurrencies can hinder their mainstream adoption as a reliable remittance solution.

Overall, the rise of cryptocurrency remittance represents a promising development in the world of cross-border transactions. Its speed, cost-effectiveness, security, and potential for financial inclusion make it a valuable option for individuals looking to transfer money internationally. As technology continues to evolve and our understanding of cryptocurrencies deepens, it is likely that cryptocurrency remittance will become an increasingly common and efficient way to send money across borders.

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/

Leave a Comment