Crypto remittances to Venezuela have surged as the country's economic crisis deepens, accounting for 9% of the $5.4 billion sent in 2023. Traditional remittance services like Western Union often prove unviable due to high fees and currency supply issues. Despite having the world's largest proven oil reserves, Venezuela suffers from rampant inflation, sanctions, and corruption. The government's state-backed cryptocurrency, Petro, failed to gain traction and was shut down in 2024. However, the government continues to explore digital assets to circumvent U.S. sanctions. Meanwhile, crypto mining was banned in 2024 due to energy shortages.