As a researcher with a personal background in international finance and remittances, I wholeheartedly agree with Paul Grewal’s call for increased support for crypto remittance from lawmakers. The issue of high fees and long wait times for cross-border payments is not new, but the emergence of cryptocurrencies presents a viable solution to these age-old problems.
As a crypto investor, I’ve been closely following the developments in the world of digital assets, and one topic that has been gaining significant attention recently is crypto remittances. Paul Grewal, Coinbase’s Chief Legal Officer, has made a call to action for lawmakers to provide more support for this area. With adoption of cryptocurrencies continuing to grow at an unprecedented rate in 2021, more and more people are discovering the benefits of this technology, including its cross-border functionality. As crypto becomes increasingly mainstream, users like myself are advocating for the passage of comprehensive regulations that will provide clarity and certainty for the industry in the United States.
Coinbase Executive Advocates For Remittance
In a post on X (previously known as Twitter), I highlighted the significant role of remittances in the global economy and emphasized that the cost of transferring funds across international borders should be minimized.
As a researcher exploring the potential of cryptocurrencies in the realm of international remittances, I’ve come across a compelling solution to an enduring issue. Sending funds back home should not break the bank for millions of Americans who did so last year – one in every eight. It is my belief that policymakers ought to acknowledge this genuine use case and consider its implications.
As a financial analyst, I’ve noticed that the significance of crypto remittances has been emphasized within our industry due to its capacity to provide quicker solutions through blockchain technology for the unbanked population. Based on Coinbase’s data, approximately one in eight Americans have sent money abroad to support their families.
Approximately 12.5% of the American population transferred funds overseas last year for the purpose of supporting their loved ones’ basic needs.
But there are two problems:
The fees are quite steep, costing $6 for every $100.@CoinbaseWallet may offer a more efficient solution with significantly shorter wait times.
— Coinbase (@coinbase) June 20, 2024
In the realm of finance, there are two significant hurdles that must be addressed: exorbitant fees and extended processing times. Traditional finance intermediaries can charge up to $6 for every $100 transaction, leading to these high fees. Conversely, blockchain technology eliminates the need for traditional financial structures to facilitate cross-border transactions, resulting in reduced costs.
Crypto Users Anticipate Positive Laws
Digital asset advocates amplify demands for legislation favorable to cryptocurrencies as adoption expands. The benefits, including quicker cross-border transactions, are frequently emphasized by industry players. While certain traditional payment methods may take up to a business day to clear, blockchain technology significantly expedites the process. In 2023, numerous governments have initiated trials or rollouts of blockchain systems for international money transfers.
In the US, the latest victories for cryptocurrency in Congress have ignited hope for a definitive regulatory framework, encouraging companies such as Coinbase to intensify their push for market clarification.
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2024-06-20 22:58