Bitcoin As A Medium Of Exchange: Domestic Remittances Use Case
Bitcoin could be the most efficient means of moving fiat around the world. International Remittances. Before we delve into the promise of Domestic remittances, we must understand the hype behind International remittances. International remittances have been growing every year, and many consider it to be a "killer app" for Bitcoin. One noticeable example of a startup rising up to face this challenge is Buttercoin. About Buttercoin, Bloomberg's Businessweek had this to say: The company is working with licensed money transmitters in several countries to establish software systems in which....
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Remittances are an essential way of supporting domestic economies in regions where financial hardship remains relatively common. Several regions worldwide rely on these money transfers, yet the COVID-19 pandemic is causing an issue. Sub-Saharan countries are at risk of losing even more remittances from migrants. The Current Remittance Landscape Sending money back home to friends […]
According to a report, the value of annual dollar remittances by Nigerians working abroad has surged to $34 billion, a figure that easily surpasses the previous record-high of $25 billion. Still, a large portion of the funds doesn’t seem to be entering domestic forex markets. Target Attained Two Years Ahead of Schedule The increase, which has been attributed to the Central Bank of Nigeria (CBN)’s “naira for dollar” incentive scheme, once again highlights the growing importance of diaspora remittances to Africa’s most populated country. As Biodun Adedipe,....
Even with the rise of layer-2 solutions, many experts believe Bitcoin may have missed the boat as a currency for day-to-day remittances go. It is no secret that a vast majority of investors, both from the realm of traditional as well as crypto finance, view Bitcoin (BTC) as a long-term store of value akin to “digital gold.” And, while that may be the dominant narrative surrounding the asset, it is worth noting that in recent years the flagship crypto’s use as a medium of exchange has been on the rise.To this point, recently, the central bank of El Salvador revealed that its citizens living....
A court in Overijssel, Netherland has said that bitcoin is not money, but rather a medium of exchange, according to a report from Tweakers. The conclusion comes from a case against a person who promised to pay a fee for the delivery of bitcoins, but says that only part of the bitcoins were actually supplied. According to a rough translation, the complainant paid 22,000 euros for 2750 bitcoin, but says he only received 990. Thereafter, the lawsuit was starts, and as such the definition of what money is came into question. (Given the amount that was to be paid in exchange for the amount of....
Tap Send, the creator of a remittances app of the same name, revealed it has raised $65 million in a Series B funding round. The fintech firm plans to use the funds to build a cheaper and faster cross-border money transfer platform. Remittances to Overlooked Countries The fintech startup behind the remittances app, Tap Send, recently said it has raised $65 million in a Series B funding round. According to the startup, the funds raised will be used to bolster remittances to the most overlooked countries in Africa and Asia. As stated in a Techcrunch report, Tap Send’s latest capital....