Hi guys, if you are looking for the information regarding "How Stablecoins Are Reshaping Remittances," then you have landed on the right place. We have faced many issues in sending money globally. I was working in online companies, and I have taken many withdrawals using different payment methods and banks, and it took up to 7 days for me, and the fees were 8-9%. When your family member is working outside and sending money to you, that member has to pay high charges, which is also a very slow process. But you know stablecoins are rising on blockchain technology. Now it is not difficult to perform borderless payments like before.
Let's understand this with an example. Now, let's say you are working in Dubai and your family is living in Bangladesh, and you want to send money to Bangladesh, so instead of sending it to banks, it is appropriate to send money in HBD, which is a stable coin of Hive. Your family member receives payment within a minute, and it can be withdrawn using local Bangladeshi currency.
The cross-border payment using volatile cryptocurrency is not that good because the price can change in minutes, but if you use stablecoins for such payments, then the stablecoin's value will not change because it is backed by fiat, and it is important for business across the world. This is like a diamond for the global workers because they do not need to rely on banks and fiat for payment, as I gave the example.
The financial world became small just because of cryptocurrency. It is saving lots of cost and time. It is also transparent, unlike other fiat and paper money. Crimes happen more with paper money than the cryptocurrency, and the government blames cryptocurrency for the crime. This is not fair, which means the government does not care about crime; they care about their profit are being a third party in finance, which is not happening with cryptocurrency. That is why many governments hate crypto, like India's BJP. Good to see that the US government has adopted crypto and is developing crypto because they understand the future; however, they are not completely supporting decentralization.
So decentralization is a way of life, and crypto is for people. Many people are benefiting from crypto, and it is reducing unemployment in which the government failed. Thanks for stopping by, and now I am signing off.
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Likewise, it is a friend and if we know that here in Venezuela it is no longer necessary to send cash (paying high commissions of up to 3%) or in banks they do not pay, let's say, the full amount (they also charge their commission) hence the importance of stablecoins for countries like Venezuela where inflation suffocates us day after day but thanks to cryptocurrencies we find a new way to escape and obtain a little profit
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