Binance Philippines’ Kenneth Stern counts the ways in which blockchain can help OFWs send their money faster and cheaper back to the country.
Personal remittances stood at $2.793 billion, a 1.2% higher from $2.759 billion last year, but still lower than January’s $2.966 billion.
Blockchain is seen as that trustless technology that can verify certificates and clearances without the usual long process of checks and balances.
Ken Research projected that from 2018-2022, the Ethereum blockchain will become a primary means to lessen the cost of remittances.
The usual remittance transaction takes a lot of time and money. This is where blockchain and cryptocurrencies can come in.
IEC plans facilitate fast remittances to the country by OFWs from Europe and the Middle East before expanding to other countries.
A recent study reveals that more and more Filipinos, mostly millennials and OFWs, are considering cryptocurrencies for remittances and savings.