However, if such a move escalate, only a small percentage of traditional remittance companies that send the majority of cross-border remittances, despite the potential long-term risks to the business.
“For Western Union and some other remittance providers, remember that most of the remittance industry volume goes from developed markets to emerging markets, mostly cash-operated people .
Western Union, the largest money transfer business, has been tested with Bitcoin and crypto in the past and hasn’t come up with a good “use case” with significant cost savings, Suchoski said.
You can’t compete for free,” said Paxful, CEO of Paxful, a popular and competitive crypto platform in Africa.
The possibility of anonymous Bitcoin trading has long worried regulators for fear that it could promote money laundering and terrorist financing.