Cryptocurrencies will soon take over the mainstream industry, if developments in South East Asia are anything to go by. Digital currencies have become popular in the region to the extent that they are being used in everyday life, thanks to their ability to circumvent some of the hurdles posed by traditional banking system.
Cryptocurrency Money Transfer
Phnom Penh is a Cambodian company that has turned to cryptocurrency in a bid to address the needs of people who do not have bank accounts in the country. The firm has turned to cryptocurrencies to power its app used to facilitate financial transfers.
Cryptocurrencies have emerged as a reliable way of transferring funds in part because of the level of transparency they offer as well as the immutable record of transactions that come with them. The service is also becoming popular among aid agencies and lenders, given that it provides an efficient way of regulating how money is accessed and used for various projects.
The Philippines is another country where people have felt the full benefits of cryptocurrencies. The country’s remittance service industry received a major boost on a company by the name Coins making it possible for people to convert cash to cryptocurrencies before making transfers back home.
Friendly regulatory framework
Huge savings and low transfer fees are some of the benefits that has made people to turn to cryptocurrencies related services having become disgruntled by the deficiencies of interbank transfers. Cost for interbank transfers can reach highs of $25 a situation that is made much worse by an unfavorable foreign exchange rate that most of the time favor banks.
Cryptocurrencies adoption in South East Asia appears to be inching higher by the day, in part because of friendly regulator frameworks. For instance, Myanmar has already surpassed Germany when it comes to fundraising for Initial Coin Offerings.
Friendly regulatory frameworks and cryptocurrency acceptance have seen the Far East emerge as a global leader when it comes to cryptocurrency trading. The trend can only gain momentum as western countries continue to crack the whip on cryptocurrencies related activities.
Disclaimer: Nothing in this article should be construed as financial advice in any way, nor as an encouragement to engage in cryptocurrency trading activity. This article was not sponsored by any entities or companies mentioned in the article. The only purpose of this article is to inform/educate on the topics discussed in the article.
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