Amid Venezuela's deteriorating economic conditions, cryptocurrency remittances from overseas family members have seen a significant increase to support residents grappling with inflation and supply challenges. In 2023, digital currencies made up 9% of the $5.4 billion remittances sent to Venezuela, totaling $461 million. Remittances have been on the rise annually since 2018, except for a dip in 2020. Despite having vast oil reserves, Venezuela faces inflation, sanctions, and corruption. The government's attempt with the Petro cryptocurrency to bypass sanctions failed due to corruption allegations and lack of legal tender status. Even the central bank rejected Petro. Subsequently, the government turned to digital assets for trade, met with challenges like energy shortages and mining bans. The country's crypto mining crackdown in 2024 was preceded by closures in 2023 amid corruption investigations. Read more AI-generated news on: https://app.chaingpt.org/news