What Are Remittances? How Do They Impact the Global Economy?

Migrant communities have become a significant demographic in the globalized economy. According to the International Labor Organization (ILO), there were 169 million global migrant workers in 2019. Often, residents of developing nations migrate to high-income countries in search of job opportunities. And once migrants start earning, they typically send money to family members in their country of origin. 

With rising technological advancements, remittances have become a lifeline for millions of people in developing regions. These payments account for a large share of the national gross domestic product (GDP) in some countries. 

To understand the global economy, learn what remittances are and how they function.

Often, immigrants send money to their families in their home countries. Learn more about what remittances are and how they impact the global economy.

which-country-trades-the-most-cryptocurrency

Ever since its inception, cryptocurrency has been a global technology. Projects like Bitcoin (BTC) and Ethereum (ETH) have provided everyone across the globe equal access to non-sovereign digital currencies and DeFi (decentralized finance) services. As long as there’s a functional internet connection, it’s easy to store and use crypto assets.

While crypto is theoretically open to everyone, some nations are more enthusiastic about digital assets than others. Learning which countries use the most cryptocurrency may help understand how crypto adoption is spreading.

More people around the world are gravitating toward crypto. Find out which countries use the most cryptocurrency and how it may impact crypto’s future.

Crypto Around the World: Which Countries Use the Most Cryptocurrency?

Although banks are everywhere in the world, many people still struggle to access basic financial services. In fact, the World Bank estimates at least 1.4 billion adults don't have a bank account. These people are most often lower-income, less educated, women, or living in remote areas. 

While bank penetration is lower in many less wealthy regions, cell phones are more commonplace. In 2022, there were an estimated 6.6 billion smartphone users worldwide—that’s well over half the world’s population. The growth in mobile phone use has inspired an alternative banking revolution called "mobile money." Mobile money services offer millions of unbanked people a secure way to send and store funds. So, what is mobile money, and why has it become so influential?

Mobile money services let anyone with a cellphone send money with just a text. Learn what mobile money is and how it's creating economic possibilities.

What Is Mobile Money? Explaining Its Importance and Impact

“Hacks” and “hackers” often have negative connotations, especially in the cryptocurrency space. But believe it or not, "hackathons" are actually a good thing in the tech community. Many of the world's largest companies regularly use hackathons to kickstart innovation, solve problems, and attract fresh talent. 

Even if you don't plan to major in computer programming, it's helpful to know what a hackathon is. Many non-software companies are also opening up to the hackathon model. Participating in a hackathon can provide you and your competitors with excellent team-building and networking opportunities.

You can participate in a hackathon in a team or individually. Learn what a hackathon is and whether you should join one with Worldcoin.

What Is a Hackathon? Everything You Need to Know

Today, most crypto activity takes place on centralized exchanges (CEXs). Companies such as Coinbase, Binance, and Kraken make it easy for users to buy, store, and withdraw dozens of digital assets. Since these platforms have high volumes, they draw the most scrutiny from lawmakers. And, as the crypto market cap rises, many regulators consider the legality of crypto exchanges. 

Because crypto laws change rapidly, it's difficult to list the specific crypto rules in every nation. However, understanding the basics of crypto exchange regulation is essential for those involved with cryptocurrencies.

Crypto’s growing popularity is leading to governments scrutinizing crypto exchanges. So will crypto exchange regulation affect digital asset trading?

All You Need to Know About Crypto Exchange Regulation

Latin America has become one of the fastest-growing regions for crypto adoption. Data from Mastercard suggests that at least 51% of Latin Americans have used crypto to make a purchase. Blockchain analytics firm Chainalysis also found that the total crypto inflows to Latin America topped $562 billion during 2021–2022—a 40% jump from 2020. 

As more nations in Central and South America struggle with record-high inflation, citizens turn to digital assets to preserve their purchasing power. For instance, Argentina has seen a surge in crypto usage over the past few years. Although Bitcoin (BTC) is yet to become legal tender in Argentina, more people and businesses gravitate toward digital assets. 

Learning more about Argentina's relationship with cryptocurrency can highlight the challenges and opportunities of crypto adoption. Argentina's situation also helps explain why Latin America is becoming more interested in crypto.

Argentina has higher levels of crypto adoption, likely stemming from high inflation and technical literacy. The rise in inflation encourages more Argentines to buy, trade, and store crypto. Learn why cryptocurrency is growing in Argentina and how regulators are responding.

What Is Argentina's Relationship With Cryptocurrency?

Transferring money may not seem too complex. After all, it only takes a few seconds to set up an electronic bank transfer or swipe a debit card. Improvements in digital technology make all kinds of transactions faster and simpler. However, in reality, digitization has made it increasingly complicated to transfer funds. As more customers and businesses rely on virtual payments, banks need new ways to safely send non-physical assets. 

To provide secure and seamless digital transfers, financial institutions now rely on networks called payment rails. Recent estimates suggest billions of yearly transactions occur, totaling trillions of dollars on popular payment rails such as an automated clearing house (ACH). So what are payment rails, and why are they so significant in today's financial system?

Payment rails help financial institutions process digital payments. Learn what payment rails are and why they’re a central aspect of modern finance.

What Are Payment Rails? A Beginner-Friendly Guide

When it comes to cryptocurrency, there’s no arguing that governments can no longer ignore it. After surpassing a $1 trillion market cap in 2021, crypto has become an undeniable force in 21st century finance. National and international institutions are now hard at work crafting laws aimed at the cryptocurrency market. 

While some countries welcome the innovations of Web3, others have made crypto illegal. Crypto laws are constantly in flux, but a few nations seem to have an inflexible stance against virtual currencies. If you’re new to the crypto ecosystem and aim to be a part of it, you should know where crypto is banned and whether your country of residence fully permits it, partially permits it, or completely bans it to better understand the legal landscape for digital assets. But before we dive into which nations ban it, let’s understand why some have a no-crypto policy in place.

Not every nation is welcoming of the blockchain revolution. Find out where crypto is banned and why some countries aren’t accepting of digital assets.

Where Is Crypto Banned? An In-Depth Overview

Learn about crypto's impact and current events around the world

Scroll through Worldcoin beginner guides to learn the crypto basics

Erfahren Sie mehr über Krypto mit Worldcoin

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