African migrants were recently found actively shifting to crypto platforms for executing cross-border transactions due to the low fee remittances. While the central and traditional banks are trying their level best to keep cryptocurrencies away from being adapted majorly. Africans Moving to Crypto Platforms for Cross-Border Transactions Cryptocurrencies like Bitcoin are not only limited to being a hot option for investment at present, they are now seen as a low-priced method to move money across borders throughout the world. In addition to this, the lockdown imposed in various countries in the previous year has contributed greatly to the rising popularity of cryptocurrencies. However, the fact that the only intention of lockdowns imposed was to halt the spread of Coronavirus, which ultimately led to complete restrictions on human movement. This eventually resulted in the emergence of crypto assets as an effective method to transfer money across borders. In accordance with the numerous studies and results that have shown that the cryptocurrency market has witnessed a huge surge since March, central banks are not amused much. Some central banks are against the rising popularity of cryptocurrencies as they fear the mainstream adaption of these assets. Cryptocurrencies and Low-Fee Remittances Witnessing the information data charts shared by some of the leading analysts in the market, the remittance fees or network charges of some assets constitutes a small fragment of a dollar. A recent report released by Chainalysis 2020 Geography of Cryptocurrency revealed that a majority of African migrants are actually choosing cryptocurrencies over traditional banks for moving funds from one region to another. Moreover, the report also disclosed that cryptocurrencies worth around $562 million were transferred from overseas residences to addresses based in Africa. Also, it was mentioned in the report that the payments were retail-sized. Hence, it gives rise to the fact that just drifting away and banning cryptocurrencies will not work as there is no better alternative available for individuals seeking low transaction charges.
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