The advance of technology and the massification of new forms of distance work and business is changing the economic reality. Cross-border payments have become a priority, but the system is obsolete and only Bitcoin Evolution will update it.
For nobody it is a secret, that transferring money from one country to another, is a cumbersome process. The commissions are fixed in an arbitrary way and in many occasions, the time to be effective is long.
Before the Covid-19 pandemic, this applied to people who sent remittances to their countries of origin. But with the massification of digital jobs, the need for a form of cross-border payment in real time, economic and reliable, has become imperative and Blockchain is necessary for this.
Cross-border payments need Blockchain
According to data from the World Bank (WB), the main countries receiving remittances are India, China, Mexico, the Philippines and Egypt. In these nations, financial companies dedicated to handling remittances charge high commissions and make fabulous profits.
Operating as a reliable third party is one of the main businesses of many firms in countries with a large part of their population abroad. In this sense, updating these forms of cross-border payments with Blockchain, will help the economy of millions of people.
In Latin America, the case of Venezuela is emblematic. With an iron-clad exchange control, sending remittances to that nation is costly and complex. With some payment platforms such as PayPal, remittances can be sent in real time, but with high commission costs.
Through crypto-currencies and Blockchain in general, cross-border payments are a great advantage. Concerns such as time, security and commissions will become a thing of the past.