On March 14th, Mr. William, chairman of Himalaya Exchange, wrote an article on the US International Business Times website to discuss the wide application of cryptocurrency in global cross-border remittances and aid donations to Ukraine.
The article pointed out that migrants in developed countries have been relying on remittance services to send a portion of their income back to their families in developing countries, with annual flows estimated at more than $500 billion. Cryptocurrencies offer great convenience for these remittances, providing a lifeline to the people who need it. Cryptocurrency remittance has faster delivery and lower cost. It can also deal with hyperinflation and preserve income and deposits. Since the start of the Russia-Ukraine war, Ukraine has received over $50 million in cryptocurrency donations.
The article says that cryptocurrencies are currently constrained by their price volatility and skepticism from government regulators, and the emergence of stable-coins could help solve these problems. If the skepticism of regulatory authorities can be overcome, cryptocurrencies could greatly enhance global financial inclusion.
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