Why The Global Remittance System (Still) Needs Crypto

In 2021, the average cost of sending a remittance payment of $200 was six percent, according to Remittance Payments Worldwide Database. The target, as defined by the UN’s Sustainable Development Goals is a cost of three percent for workers to send money home. The average cost of a remittance transaction to South Asia is 4.3 percent, while it costs 7.8 percent to send money to Sub-Saharan Africa. Saving just an average of two percent on global remittance payments will translate to $12 billion — money that would become available to migrant workers and their families. As global inflation continues to increase and economic stability continues to decrease, the need to figure out crypto remittances is at an all time high.