RE: Developing Crypto Remittances
A lot of legal problems around it.
Not hard to move the value across the border. In most cases the assets are not moved but rather counted towards offsetting traffic in opposite directions.
But the problem is with local laws and regulations - they easily target the local "entry/exit" points where actual money changing hands.
It becomes too complex and too risky for small local operators.
That's why Western Union and other remittance companies exist and banks still charge exorbitant fees for wire transfers.
As people get fed up with it they move to crypto currencies.
But wide adoption is still a challenge. Also it's relatively hard for an average consumer to get the money in and out of crypto. Even though transferring is easy.
With wider adoption remittance will no longer be needed. Anybody should be able to transfer anything to anyone and it should cost nothing like an email.
"With wider adoption remittance will no longer be needed."
We agree here, the only difference is that I somehow was still referring to that as 'remittance'. DASH is embarking on an ambitious project with a local partner in Zimbabwe although I don't have the full details yet. I hope as more and more people adopt cryptos, Western Union, Money Gram and the big banks will either conform or face extinction .
Thank you for highlighting the legal challenges.
It's true that WestU and banks have monopoly over the remittance industry, but this can change with cryptocurrency. Bitspark is working in Tajikistan to pilot cryptocurrency remittances with a cash in and cash out component whereby the user does not have to use banks or expensive third parties. It does this with a platform that is given to money transfer shops that are agents and provide an easy way for them to buy and sell crypto without any tech knowledge nessesary. All ready this is working in eight countries.