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.
Several factors make India the hallmark country for crypto adoption. Experts, however, agree that several challenges still stand in the way.
Set to Grow, India’s Crypto Industry Must First Toil Tough Ground
Indians are flocking to cryptocurrency due to high remittance fees and the difficulty of exchanging rupees to a more stable currency.
Report: High Remittance Fees and Unstable Rupee Drive Crypto Adoption in India
A U.S. consumer protection agency shout outs Ripple and XRP cross-border settlements in a recent regulatory update.
US Consumer Protection Agency Recognizes XRP’s Potential in Remittance
FXCoin announced XRP remittance testing, one company began its security token initiative, and more headlined news from Japan this past week.
Cryptocurrency News From Japan: April 19-25 in Review
Blockchain-based digital identity is becoming mainstream with banks, financial organizations rise to the adoption challenge.
BRI Remittance Brings Digital Identity to Banking With Blockchain Partnership
U.S.-Latin American remittance provider reveals that Ripple is not being used for remittances in its “core markets.”
Intermex Is Not Using Ripple for Its Mexican Remittances
Thai fintech DeeMoney has deepened its integration with blockchain-based financial services network RippleNet, further consolidating Ripple’s presence in Asia.
Ripple Cements Asian Presence Through Partnership With Thai Fintech DeeMoney