A Remittance Network is a system of financial institutions, agents, or digital platforms that facilitates the transfer of money across national borders, typically by individuals sending funds to family or friends in their home countries. These networks enable cross-border payments, often serving populations without access to traditional banking services. Efficiency and cost are key factors for users.
Context
Digital assets, particularly stablecoins and blockchain-based payment protocols, are increasingly being utilized to modernize and improve the efficiency of Remittance Networks. The situation involves leveraging blockchain technology to reduce transaction costs and settlement times compared to conventional methods. A critical future development is the widespread adoption of decentralized remittance solutions, offering faster and more affordable international money transfers.
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