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Remittance and crypto growth in Latam is huge! 4 incredible stats.

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Note: The original post on Medium can be seen here

<p>Here are the 4 data points you need to know about the growth of remittances in Latin America and how it is driving crypto is helping Latin America.</p> <h3><strong>Growth in Remittances</strong></h3> <h4> <strong>1.</strong> <a href="https://www.linkedin.com/posts/latinometrics_latin-american-migrants-sent-100b-back-home-activity-6888864649924677632-5IoG?utm_source=share&amp;utm_medium=member_ios">Latin American migrants sent $100B back home in 2020</a> </h4> <p>This year in Mexico is a record for remittances, it is expected to be over $60 billion dollars. Second highest USD remittances in the world (after India, and has overtaken China).</p> <figure></figure><blockquote>For 2021, <a href="https://www.linkedin.com/company/the-world-bank/">The World Bank</a> reported a 21.6% increase in the region.</blockquote> <h4> <strong>2. </strong><a href="https://www.linkedin.com/posts/latinometrics_every-hour-of-every-day-mexicans-abroad-activity-6952265648865501184-nXtN?utm_source=share&amp;utm_medium=member_ios">Every hour of every day, Mexicans abroad send $6.8M back home.</a> </h4> <p>For the first time in history, monthly remittances to Mexico surpassed $5B USD in May.</p> <figure></figure><p>The authors note that:</p> <blockquote>Today, remittances from Mexicans working abroad represent over 3.8% of the country’s GDP and surpass almost all other sources of Mexico’s foreign income — including tourism, oil exports, and most manufacturing exports.</blockquote> <blockquote>Mexico should perhaps focus less on celebrating remittances and instead develop opportunities that will decrease the country’s growing reliance on migrants fleeing abroad.</blockquote> <p>These remittances begin in the US.</p> <p><strong>Latin America IS THE USA too!</strong></p> <p><strong>3.</strong> 20%, or 1 in 5 of the US are Latin American (if US-based Latin Americans were a country it would be the <a href="https://www.linkedin.com/posts/latinometrics_the-gdp-of-us-latinos-is-greater-than-brazil-activity-6984155857315897344-ZasD?utm_source=share&amp;utm_medium=member_ios">5th biggest economy in the world</a>).<br>With more data here — <a href="https://www.linkedin.com/feed/update/urn:li:activity:7000121478608244737">Latino consumer spending totaled around one trillion dollars in the US in 2021.</a></p> <h3><strong>Crypto is helping improve remittances</strong></h3> <h4>4. In 2021, there was a <a href="https://medium.com/@Decafpago/what-is-driving-the-growth-of-crypto-in-latam-10-things-you-need-to-know-d3da0950dd22">600% increase in the use of crypto v</a>alue received (sending money abroad).</h4> <blockquote>“From July 2020 to May of 2021, the cryptocurrency value received by Latin America increased from under $10 billion to over $60 billion. Still, the dollar remains the most reliable hedge against Latin America’s own inflation challenges.”</blockquote> <p>*Crypto value received is not only for the <a href="https://bitcoinke.io/wp-content/uploads/2021/10/Geography-of-Cryptocurrency-2021.pdf">purpose of remittances</a> (usually family/friends sending money abroad under $1k), but also for other purposes such as investment. For remittances (amounts less than $1k) it is around 3–4% of the total crypto amount.</p> <h3>How are we helping with Remittances?</h3> <ul><li><a href="https://medium.com/@Decafpago/true-disruption-of-remittances-only-now-possible-with-usdc-stellar-moneygram-c1391306fd65">True Disruption of Remittances — only now possible with USDC, Stellar &amp; MoneyGram</a></li></ul> <blockquote>The partnership between Stellar and MoneyGram allows for <a href="https://www.circle.com/en/usdc">USDC</a> to be fungible for cash in 400k locations in 197 countries, with NO fees because it has achieved efficiencies through the cheap and fast <a href="https://stellar.org/">Stellar blockchain</a>.</blockquote> <blockquote>I would argue that this is the first <em>true</em> disruption to Remittances ever.</blockquote> <h4>What is the <a href="https://www.decaf.so/wallet">Decaf Wallet</a> and why did we build it?</h4> <ul> <li>Here is a <a href="https://medium.com/@Decafpago/decaf-wallet-is-launched-for-everyday-people-and-real-life-utility-ff2fe192911b">recent article of the current features of our wallet.</a> </li> <li><a href="https://medium.com/@Decafpago/crypto-the-most-accessible-banking-solution-for-latin-america-b9f9c1e4c">The most accessible bank in Latin America — crypto?</a></li> </ul>