Bahaman payment platform, Island Pay, has opted to provide cryptocurrency as a remittance option due to the high costs associated with traditional money sending methods.
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Latin America is grappling with the expensive and challenging nature of traditional settlements, with high transfer rates and a significant unbanked population. To address this issue, Island Pay, a Bahaman payment platform, has joined other companies in offering cryptocurrency as a remittance option, as reported by Bloomberg.
Crypto Remittances: A Cheaper Way to Send Money
Island Pay is introducing CiNKO, a digital wallet for Latin America and the Caribbean, which will utilize Circle’s USDC stablecoin as its primary medium of exchange. Operating in over 30 nations, CiNKO allows users to fund prepaid cards, conduct business with vendors, and make payments to other users, even if they don’t have a bank account.
Island Pay CEO Richard Douglas expressed the company’s aim to promote financial inclusion in the region and improve financial experiences for both the unbanked and banked populations.
CiNKO wallet is part of a broader initiative to introduce stablecoins and decentralized finance protocols in Latin America. The technology could reduce remittance costs by 80%. There are already dozens of cryptocurrency wallets and international payment platforms, but CiNKO is unique in its focus on the Latin American market.
Remittances in Latin America and the Caribbean:
Despite high costs and delays associated with conventional financial intermediaries, remittances to the region increased by 27% in 2021 and 11% in 2022, reaching $145 billion in 2017. Even with the region’s GDP slowing to 3.3% this year, remittances are expected to reach an all-time high.
However, Monica Talan, founder of CryptoConexion, emphasizes that one of the primary obstacles to cryptocurrency remittances is the lack of ease of use due to limited locations to spend Bitcoin or ether in most Latin American countries.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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