Gulf News: Mustafa Dominic Discusses If Cryptos Can Dictate The Remittance Future

Will the cost of remittances from the UAE and other Gulf countries drop? Or be eliminated completely? There is a digital future where blockchain can be deployed across multiple layers within financial transactions - and help drive down costs to consumers.

Financial Services Partner, Mustafa Domanic, comments that cryptocurrency would be the obvious choice, because it is both seamless and instant. However, there are obstacles in the form of regulation and control.

The use of the underlying technology can settle transactions instantly and cut down the capital costs associated with the current remittance settlement system. The tech promises to address some of the shortcomings of traditional payment systems such as speed, access, transparency and - most important - the transaction cost.

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