Cross-border remittances involve the transfer of funds or assets across national boundaries, often sent by individuals working abroad to their home countries. These transactions traditionally incur substantial fees and delays due to reliance on multiple intermediary institutions. Digital assets and blockchain technology offer alternative methods for streamlining these international value transfers with improved efficiency.
Context
Cross-border remittances represent a significant global economic flow, with considerable efforts directed towards reducing transaction costs and accelerating transfer speeds. Cryptocurrency networks present a potential resolution by facilitating near-instant, lower-cost transfers, bypassing conventional banking channels. Regulatory bodies worldwide continue to assess how to oversee digital asset-based remittance services, aiming to safeguard consumers and prevent illicit financial activities.
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