Crypto used for remittances and other international transfers to circumvent bank fees: Report
Cryptocurrency has started to enter the global financial system for reasons beyond speculation, as traditional remittances and international transfers are too expensive.
A new report by blockchain organisation Stellar Development Foundation and crypto payments platform Wirex has revealed that crypto investors, especially in emerging markets, are using decentralised currencies for international money transfers such as remittances.
While 81 percent of respondents in the report said that were aware of cryptocurrencies, about 45 percent said that they have used cryptos to send money to someone across international borders. This reveals that crypto trading has entered a new phase of public use beyond just speculation and investment gain.
The study included 10,000 respondents from UK, America, Mexico, and Singapore. Of these, 53 percent said that they believe fees for international transfers are too high, and 37 percent are not even sure what fees they are paying.
Nischal Shetty, CEO of Indian cryptocurrency exchange and blockchain company Shardeum, commented on the report's acknowledgment of the financial inclusion opportunities afforded to women.
Shetty said, "48 percent of men and 32 percent of women have owned crypto indicating an opportunity for financial inclusion of women through #Crypto".
Additionally, the crypto entrepreneur pointed out that the report revealed a possible new opportunity for crypto startups. Shetty said, "respondents also revealed that the utility of #Crypto remains a mystery. This presents a potential for creators to bridge the access gap."
Edited by Affirunisa Kankudti