Cryptoactives: An efficient way to make cross-border payments

Distance work represents one of the most basic forms of income in the current time of the pandemic. In this sense, cryptoactives play an important role as one of the most efficient ways to make cross-border transfers.

Precisely, this was the topic of discussion on day 6 of the Indonesia Blockchain Week 2020. The guests highlighted interesting points in the importance of this type of transfers and the advantages that crypto currencies represent for them.

In fact, before the pandemic, telecommuting, that is, from one country to another, was already on the rise. Many international firms have been tapping into talent that does not exist within their own borders.

Cryptoactives as the most efficient form of transfer

There are multiple services that offer money transfers from one country to another. Some of them are the banks themselves, Western Union, PayPal, among many others. But they have high commissions for each transfer.

It is in this phase, explains the co-founder of the firm Switceo, Jack Yeu, in the BWI 2020, that cryptoactives become the most efficient form of cross-border transfers for many reasons. „Among the advantages of cryptoactives, the speed of transactions thanks to Blockchain and at the same time, the low commissions are highlighted“.

This, according to Yeu’s appreciation, offers great advantages to both the person who pays and the person who receives the payment. The most classic example, he continues, is telecommuting.

On the other hand, he explained that the digital payment methods are a new normality. He gave the example of Twitter. This social networking company assured its employees that they can now work from home forever.

Difficulties to use Blockchain in transfers

In a similar vein, Robin Schmidt, Harmony-One’s creative director, referred to cryptoactives as the only truly efficient way to make cross-border payments. This efficiency, he explains, is due to the superiority of the Blockchain network over any other banking system.

„A few years ago, as far as cross-border payments are concerned, people were already talking about Blockchain, but very little about stablecoins. Now, the reality is very different. This allows developers not to limit themselves in the use of any type of cryptoactives“, he explains, referring to the multiple options and efficient choices that this form of payments represents.

New ways of thinking about finances and money are opening up, he continues. However, he assures that there are many difficulties, since understanding the operation of the DeFi dedicated to payments with Blockchain, „requires a great level of understanding that not everyone has so far“.

Thinking about money without a bank, for many people means putting their money at risk on something they don’t know, says Schmidt. But the fees are still there and the Blockchain is becoming a necessity rather than an option, he said.

Cross-border payments have become a common denominator during this pandemic; cryptoactives represent the most efficient form of them.
Cross-border payments have become a common denominator during this pandemic, and cryptoactives represent the most efficient form of them.
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