Global Remittance refers to the process of transferring money across international borders, typically by migrant workers sending funds to their home countries. In the digital asset sphere, cryptocurrencies and blockchain technology offer an alternative to traditional remittance channels, promising lower fees, faster transaction speeds, and greater accessibility. These digital methods facilitate direct peer-to-peer transfers, bypassing conventional banking intermediaries. The objective is to enhance the efficiency and affordability of cross-border money transfers.
Context
The state of global remittance is undergoing a significant transformation with the increasing adoption of digital assets, particularly in corridors with high transaction costs. A key discussion involves regulatory clarity and consumer protection measures needed to support widespread use of crypto for remittances. Future developments are expected to include the integration of stablecoins and central bank digital currencies into remittance services, further reducing friction and costs for international money transfers.
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