Definition ∞ Remittance systems are mechanisms designed for the transfer of funds across geographical borders, typically from individuals working abroad back to their home countries. These systems facilitate the movement of money, often involving fees and exchange rates. They are critical for global economic flows and supporting families.
Context ∞ The cryptocurrency industry is increasingly examining remittance systems as a potential area for disruption due to their often high fees and slow processing times compared to traditional methods. Discussions frequently center on stablecoins and blockchain-based platforms offering faster, cheaper cross-border transactions. The ongoing evolution of these systems holds significant implications for financial inclusion and the efficiency of global capital flows.
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