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.
Steve Hanke slammed El Salvador’s Bitcoin adoption as legal tender and questioned how Bitcoin would function in day-to-day transactions.
Steve Hanke warns BTC could ‘completely collapse the economy’ of El Salvador
Remittance firms operating in El Salvador appear reluctant to support Bitcoin despite the country’s new law mandating the crypto asset as legal tender.
Remittance firms hesitant to support BTC despite legal tender law in El Salvador
This all-in-one DeFi platform wants everyone to benefit from crypto — delivering easy-to-understand educational resources alongside a suite of products.
This all-in-one DeFi platform wants to bring crypto to the masses
A crypto platform that aims to shake up the world of overseas remittances is embracing DeFi under plans to make international transfers more affordable.
Why DeFi could be about to make crypto remittances even cheaper
TEL price broke out into a vertical rally after a protocol upgrade and a layer-2 migration that enabled trading on QuickSwap.
Telcoin (TEL) gains 300% after layer-2 migration to the Polygon network
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