The growing trend of relying on encryption comes from the desire to keep money as intact as possible by connecting it from one place to another. We all know what happens when intermediaries get their hands on any amount of money; They take a cut.
The default rate is about four percent of the amount sent. Not to mention banks’ currency conversion rates can also subtract from the sum. All this greatly distorts the budget plans of those who send money and their families who receive it.
It is also estimated that sending cryptocurrency shipments is faster and does not affect the wiring rate. This is possible as transferring parties would have to pay less than one percent of the amount sent.
A big market in Latin America
Now let’s consider this equation and take into account that more than 28.5 million people in Latin America reside outside the country of their birth. So consider that by 2018 there were over $ 85 billion in family remittances.
This results in a market plagued by many fees and commissions, making the region a hotbed for payment solutions.
Note that the growing trend of shipment encryption can be observed not only in Mexico, but also in other countries such as Venezuela. However, no official figures have yet been released.
All things considered, fintech and cryptocurrency can be a transparent alternative to this hard earned money. In addition, it is comforting to know that startups like Bitso comply with Mexico’s latest fintech law.
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