Apr 30, 2021 09:00:00

Cryptocurrency is becoming a 'means for migrant workers to send money back home'

There are criticisms that 'many virtual currencies are used by criminal organizations' because crypto assets can be remitted with high confidentiality, but on the other hand, payment technology giantsVisa and Mastercard are 'settlement of crypto assets' one after another It is rapidly becoming popular as a familiar payment method, such as announcing that it will consider the introduction of. The Rest of World, a non-profit news agency, reports that such crypto assets are beginning to be used as a means for workers migrating from developing countries to developed countries to send money to their home countries.

Bitcoin's most recent adopters are working-class migrants --Rest of World
https://restofworld.org/2021/crypto-remittances/

According to the Rest of World, Latin Americans who have emigrated to the United States are increasingly using crypto assets as a means of remittance. Maria Sargado from Mexico is one of them. Mr. Sargado, who came to the United States in 1996 when Mexico was hit by an economic crisis, has been working at an apparel factory in Los Angeles for 24 years since then, raising his daughter and leaving a considerable amount of income to his family with kidney disease in Mexico. I sent you the percentage of.

Mr. Sargado has used international money transfer services such as Western Union, MoneyGram and Vigo to send money to his hometown. All of these international money transfer services charge a fee of around $ 10 for every $ 200. In comparison, the Mexican cryptocurrency exchange Bitso costs only $ 1 (about 110 yen) for every $ 1000 (about 110,000 yen). Mr. Sargado, who used to think that crypto assets are half fraudulent, switched to crypto assets after seeing the immigrants around him starting to use them one after another.

These remittances from the United States to Mexico were important for the Mexican people suffering from a pandemic. The Mexican government did not take any noticeable remedies, even though millions of people were lost due to the pandemic. On the other hand, since the United States has launched a huge amount of economic stimulus measures , many media said, 'Mexico people who received money for American economic stimulus measures are more than Mexicans who received benefits from the Mexican government. I think there are many. '

In Latin America, the instability of the local economy is also driving the spread of crypto assets. For example, Venezuelan currency Bolivar has recorded an annual inflation rate of 6500%, and there is a shortage of foreign currency due to economic sanctions. Many Venezuelans are looking at crypto assets because of the instability of their currency.

Mr. Sarkado, who started remittance with crypto assets in January 2020, makes a living by mining and investing in crypto assets at the time of writing the article. We have also started a business to teach crypto assets in online courses. When he left the factory and became a Bitcoin investor, Sarkado said, 'I felt like a chicken trapped in a chicken coop would take off like an eagle. I can't do anything if I work at the lowest wage Because I knew that. '