Money transfers cost Indian citizens and non-residents over $2.3 billion in fees last year for clearing payments into India, the world’s biggest market for inward remittance.
Nischal Shetty, the CEO of local Bitcoin exchange WazirX, said that the dominant cryptocurrency could bring down remittance costs to near zero.
CAN BITCOIN REALISTICALLY BE IMPLEMENTED?
Bitcoin will likely not be implemented by remittance providers. But, there are companies Rebit and Coins.ph in Southeast Asia that utilize cryptocurrencies to clear remittance payments.
If Bitcoin can be used to transfer money from one region to another and a domestic remittance service provider is used to bring the money to the receiver at the final phase, it could save a significant chunk of the income received by expat workers.