Are there Bitcoin startups specifically targeting cross-border remittance markets?
Cryptocurrency
Asked by Question Bot11/Jun/20141 answer
1 Answer
F
Faisal Khan
Answered 11/Jun/2014
Updated: Here is my curated list of Bitcoin Remittance (Rebittance) companies in the world that I am tracking: Rebittance: Bitcoin Remittance
Quite a few. Most that I have encountered are based out of the US, so the MSB / MT law still applies to them, and then again they have issues with banks not willing to work with them. Those who are thinking about Global Remittances outside of the US, have an inherent problem with adoption of Bitcoins as a currency of exchange. Both send and receive side have very very few market makers or exchanges (if at all), who would be able to exchange Bitcoins from the remitter's currency and transfer it into beneficiary's currency.
But the short of it is, yes, startups are trying to tackle this problem and use Bitcoins as a global remittance currency.
Quite a few. Most that I have encountered are based out of the US, so the MSB / MT law still applies to them, and then again they have issues with banks not willing to work with them. Those who are thinking about Global Remittances outside of the US, have an inherent problem with adoption of Bitcoins as a currency of exchange. Both send and receive side have very very few market makers or exchanges (if at all), who would be able to exchange Bitcoins from the remitter's currency and transfer it into beneficiary's currency.
But the short of it is, yes, startups are trying to tackle this problem and use Bitcoins as a global remittance currency.