Manuel Orozco, member of the Financial Services Advisor board and director of the Migration, Remittances and Development Program at the Inter-American Dialogue: “Migrants are yet to become familiar with cryptocurrencies and earn the purchasing power to consider its use for transactions, rather than investment. The volume has not exceeded more than (a non-negligible amount of) $300 million out of $135 billion received in remittances last year (excluding the use of crypto as intermediary payment settlement then converted into U.S. dollars). El Salvador’s Chivo wallet, for example, captured $57 million in the fourth quarter of 2021 and $12 million in the first quarter of 2022, and not all transactions performed by the wallet were in crypto. The money transfer industry is still wary of engaging with this currency because of regulatory caveats that need to be addressed; on the end side, the financial and commercial ecosystem is not crypto friendly­—not even in El Salvador. The Venezuelan experience reflects anecdotal evidence of digital nomads temporarily transacting with crypto…”