2023-7-22 19:52 |
Remittance in Bitcoin and cryptocurrencies to El Salvador fell 26.5% in H1 2023
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Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. ICICI, a leading private sector bank in India, has updated its retail outward remittance application to include cryptocurrency.
PRESS RELEASE. To simplify banking and meet its users’ Remittance needs across the globe, Remitano, a global escrow-marketplace, has just launched a smart, free, and safe approach for cross-border money transfers.
In a recent blogpost, Binance stated that for India to become a global blockchain powerhouse, building and fostering an active community in the country was necessary. According to reports, India’s remittance was expected to account for $80 billion in 2018.
The World Bank in its latest report revealed that India has received the largest amount in remittance in 2o18 with $80 billion being sent from abroad. At the same time, users paid $4 billion in cuts to payment services.
It would appear that blockchain technology is slowly making inroads in the world of remittances and money transfers. Numerous companies are exploring this technology as we speak, even though there are still only a handful of service providers officially running their services on a blockchain.
Financial services might be something you take for granted. Depositing, borrowing and withdrawing capital is as easy as going to your local bank branch, but there are billions of individuals worldwide with no access to something as simple as a bank account.