Cryptocurrency remittances in Latin America have surged by over 40% in 2024, reflecting a rapid shift towards digital currencies in cross-border money transfers. Rising stablecoin use, a trusted dollar proxy, drives growth amid economic challenges and currency controls in the region.
Crypto ATMs, which eliminate intermediaries and provide physical points of access, have bolstered adoption. Countries such as Mexico, Puerto Rico, Panama, Colombia, and Argentina are leading this growth, supported by thousands of crypto ATM locations.
However, El Salvador has seen a drop in remittance volumes, partly due to the winding down of the government-backed Chivo Wallet and changes in the public sector's bitcoin operations.
Despite regulatory resistance in some areas, including Brazil's debate over stablecoin withdrawal restrictions, crypto remittances are expected to keep rising.
The convenience and cost advantages of cryptocurrency over traditional methods continue to attract users, pointing to further expansion in the coming years.
