As has been said on other occasions, “A remittance is a payment document, such as a bank draft, check, money transfer, etc., that is made in a foreign currency.” With the arrival of digital currencies, money transfers made abroad and “the remittance industry They have evolved.
In this line, we have spoken with Eduardo Erlo, marketing manager of Status Network, to have a broader view of this topicwho presented his opinion to us, stating in the first place that Bitcoin and cryptocurrencies are useful for sending remittances, since they are inclusive and resistant to censorship.
“Yes, they are useful. You can send remittances to anyone, no matter where they are and what regulations each country has. Bitcoin, as well as most cryptocurrencies, are inclusive and resistant to censorship.”
Eduardo Erlo explains that when using centralized systems such as those of an organization such as Western Union, trust is placed in a third party for the temporary custody of digital assets, instead using cryptocurrencies the process is totally different, this occurs “between two parts”
“Using centralized systems like Western Union, we need to entrust a third party with temporary custody of our assets, which is not a good thing to do with your money. In addition, they charge some taxes on the conversion of FIAT money. With cryptocurrencies, the entire process happens between two parties, without having to give temporary custody of the assets and without having to pay unnecessary fees. mentioned.
In addition, Erlo recommended that care must be taken when using cryptocurrencies to send remittances, since not knowing what is being done can cause the loss of funds.
“Using cryptocurrencies gives us a lot of power and freedom, but with great power comes great responsibility. Everyone should study and know exactly what they are doing before using crypto. Risks like using fraudulent wallet apps, unreliable internet connections, and even using the wrong wallet addresses can lead to loss of funds,” she highlighted.
On the other hand, the marketing manager of Status Network commented on the use of cryptocurrencies for remittances in Latin America, especially in countries like Argentina, highlighting the fact that in this particular region it has had a high adoption, adding that cryptocurrency operations, “is just a transfer of funds between wallets”, which takes place regardless of the place or country where the person is. .
“Although crypto transfers are private by default (they do not include any personal data), we can easily see that the general adoption of crypto is growing everywhere (especially in Argentina).
In Crypto, a transaction is usually just a transfer of funds between wallets, no matter what country people are in,” he said.
Lastly, Erlo He highlighted the fact of becoming cultured regarding the subject, since today there are more people who join this ecosystem.
“Using Crypto is an active choice and an expression of freedom. We should be learning more about it every day as it is growing every day and will certainly be the future of finance,” she exhorted.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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