Definition ∞ Domestic remittance refers to the transfer of money between individuals or entities within the same country. These transactions typically involve sending funds from one location to another for various personal or business purposes. In the context of digital assets, it includes using cryptocurrencies or blockchain-based platforms for in-country money transfers. This method can offer faster and potentially lower-cost alternatives.
Context ∞ The discussion surrounding domestic remittance in the crypto space often highlights the potential for efficiency gains compared to traditional banking systems. Regulatory bodies are examining how to oversee digital asset-based remittance services to ensure consumer protection and prevent illicit activities. News reports frequently cover innovations in blockchain payment solutions aiming to streamline these internal money transfers.
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