3 cryptocurrencies to use for efficient remittances worldwide
A growing trend in finance known as remittances is described by the International Monetary Fund (IMF) as the sum of two main components involving financial transactions across borders: “Compensation of employees” and “personal transfers”. However, it can also often describe migrants sending money to their origin country. Due to technological innovations and the current global landscape, remittances have grown in volume in the last few years, attracting researchers, entrepreneurs, fintech, payment providers, government agencies, bankers, and other relevant entities worldwide. Which includes the cryptocurrency market. Interestingly, data retrieved by Finbold from KNOMAD on October 4, shows that over $840 billion were already sent as remittances in a still going 2023. This volume is already bigger than the $831 billion transacted in 2022, which was 40 billion dollars higher than 2021’s $791 billion. Remittances Worldwide Data in 2021, 2022, and 2023. Source: KNOMAD Additionally, a