The Cryptocurrency market has taken shape and has gone in popularity in recent times. The increased adoption of this digital asset has indeed directly affecting the flow of money when it comes to transaction between countries and also between multinational companies. This is also known as cross border remittance which is the in easy terms is transaction that happens between the borders. Blockchain has huge potential as it has the ability to change the industry of banking and healthcare and mainstream financial institution and other establishments are now in the fight for controlling a stake for the blockchain startup industry that is hot pan cake as of now. As more and more players are jumping into the industry, the competition is getting stiffer and stiffer but it has an advantage. As more resources are allocated the system that is being created is becoming more and more robust and resilient. To achieve this goal more and more players are leverage their unique expertise and some are using the more traditional form of collaboration and partnerships.
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For areas which have been neglected and did not have any financial access or any banking services traditionally blockchain offers greater financial inclusion along with benefits that is associated with the domain. As these companies go head to head people in places that had been neglected by financial institution might now able to enter the world of global transactional independence that long seems unattainable. On the other hand of the equation is the government and policy makers which have viewed the digital asset as not a favorable form of payment and considers an assault on the primacy of the state of monetary authority.
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According to World Bank remittances in the developing nation and underdeveloped nations have reached $529 billion in 2018 which is up by 10% when compared to 2017 statistics. Most of the remittance payments have taken place in Sub-Saharan Africa and Asia where the most of the unbanked population are.
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