Crypto remittances helping overcome financial exclusion by making cross-border transactions cheaper, faster and more transparent.
Crypto remittances are a lifeline for many people who need to send money to their loved ones, as they provide faster, cheaper and more transparent transactions than traditional methods., the sector remains a vital lifeline for many sending money to loved ones while dodging extremely high fees that can be life-changing over time.
“There is no third party or global central bank, so the world has created this complex system of correspondent banking that is costly, error-prone, slow and leaves trillions of dollars in locked-up capital.” “Cryptocurrencies like Bitcoin or Ether can greatly cut the cost of sending money internationally by about 96.7% vs. the current system. Sending Bitcoin to another wallet costs an average of $1.50 per transaction, and Ether costs an average of $0.75 per transaction.”
Despite their advantages, cryptocurrency remittances aren’t as widespread as one may think. For one, ease of use isn’t at the point of mass adoption, while the cryptocurrency market’s volatility keeps many on the sidelines.Ripple’s Berry said that accessibility and user-friendliness are “critical components for the mainstream adoption of crypto remittances.”
Indeed, one has to consider the costs associated with existing cryptocurrency infrastructure and how it interacts with the traditional financial system. While receiving a cryptocurrency transaction may be fast and cheap, paying with crypto isn’t as easy. In countries where paying with crypto with one solution or another is possible, users may be exposed to heightened spread they may not be aware of, as well as crypto market volatility. This volatility can completely nullify the advantages of paying less for the transaction itself.
In these blockchain-based liquidity services, Binance’s spokesperson clarified, a sender would transfer money in their own local currency, while the recipient would receive it in their local currency. Such a service would make the process friction and almost instantaneous for users across all backgrounds, they said.
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