A remittance is a payment document, such as a bank draft, check, money transfer, etc., which is made in a foreign currency. Remittances are delivered to a debtor or remitter in his/her national currency by the third party and then are sent to the foreign creditor to pay arrears. With the appearance of digital cryptocurrency, such as Bitcoin — now functioning as a third, independent currency — the era of the remittances industry, including other kinds of international money transfers, has reached a turning point. By using modern technological systems, it is easy to convert money into any possible fiat currency with Bitcoin without even leaving home. Also, virtual transactions prevent robbery, loss or damage of money and provide quite fast confirmations.
There’s often talk about how decentralized finance could eliminate the need for traditional banks… but what if DeFi could enhance their digital services?
Digital banking: How DeFi can lower costs for everyone
The Central Bank of Nigeria’s “Naira defense” policy is pushing more Nigerians toward Bitcoin and crypto adoption.
Bitcoin adoption in Nigeria soars as central bank blocks remittances in Naira
Ripple's partnership with MoneyGram may not be as warm as it once was, but it's paying off.
Ripple has sold $15M of its stock in MoneyGram
What are the main advantages that crypto can offer when making cross-border payments, and what are the main challenges for consumers?
Crypto cross-border payments, explained
Fiat trades are often completed for a sizable fee by bike-riding crypto enthusiasts.
Cuban freedom fighters launch underground Bitcoin remittance network
The CEO of a fintech company has a vision and mission of helping to build regulated crypto, and bridging fiat solutions with DeFi concepts.
Blockchain company aims to help small firms flourish
Venezuela may have the most crypto volume, but this country bests all of Latin America when it comes to retail crypto transactions.
This country accepts more retail crypto transactions than anywhere else in Latin America