Crypto could save Americans billions of dollars in costs related to remittance payments to places like Asia and Latin America, data compiled by coinbase shows.
according to a blog Post As Coinbase published this week, Americans spend more than $12 billion a year just on fees related to remittances. Coinbase said remittance payments were described as a “vital lifeline for underbanked communities,” but could be both faster and much cheaper if crypto were used.
Remittances made with crypto are 96% cheaper than remittances made through traditional methods, while also being “significantly faster,” judging by data from Coinbase.
The surprising finding was shared on Twitter by Coinbase Chief Legal Officer Paul Grewal, who pointed to the minimal cost of sending as a comparison. bitcoin (btc) Or Ethereum (ETH) Across the Border:
In 2022, Americans will send about $67 billion to Asia and $52 billion to Mexico, the blog post further said, while noting that Americans were responsible for 95% of remittances going to Mexico.
Coinbase’s blog post states, “1 in 5 US adults own crypto, and more than 40% of voters in states like Ohio, Pennsylvania and Nevada who own crypto said they do so exclusively.” Because it lets them send money across national borders.”
The blog post concluded by calling on regulators to acknowledge the positive implications for those relying on remittances, calling the current system “antiquated”:
“We want to support hardworking Americans who want to support their families and friends overseas. To do this, we need to provide our US regulators with the true value of responsible crypto products and services and their ability to update an antiquated system. need to see.