Stellar Lumens recently pointed to how the lack of similarity in the different financial infrastructures across the world has left more than 1.7 billion adults unbanked from across the world.
Meridian will be exploring how to expose, confront, and solve these inequalities on November 17, 2020 under the title Financial Inclusion to Unlock Economic Opportunity.
On a similar light pointing to the discussion about open source remittances and Stellar, Lisa Nestor tweeted: “This way each Anchor takes care of the compliance and regulations needed for payments and transaction in their country. This makes the transfer of remittance easy and fast.”
When it comes to making transactions between two countries with difference financial infrastructures, the anchor for each country will be taking care of the compliance and regulations processes as mandated for the domestic market. Thus, making the entire process seamless.
Following the CoVid-19 pandemic, reportedly, there is a decrease in money remittance across the world. This obviously due to the natural restrictions imposed on the different trading processes across the globe. Every country have their own rules in trade to ensure safe trade.
Some decreases in money flow are related to job losses and therefore people find it hard to send money back home. Stellar by facilitating the option to host Fintech companies are making it possible to help increase remittance flow back to countries.
When expressing his view about the decreased money flow and remittance, Sydney Ifergan, the crypto expert tweeted: “Stellar Lumens (XLM) can provide the platform to ensure money flow, but the true money flow can happen when there is money in people’s hands and businesses are happening. Things slowly resuming.”
Stellar Lumens (XLM) For Remittances
We are living at a phase where commerce both big and small is taking place at a global scale. We are evolving to a phase in time where irrespective of whether someone is transacting from a backward economy or the most advanced economy will at one point in time for several reasons of convenience will move to the blockchain for remittances.
Meridian 2020 has an amazing line up of speakers and all of them will be bringing to the table the intricacies of this technology to ensure equitable access to the global financial system. Quick remittances is the key to getting the globe working together for the mutual benefit of each other and eventually solving real world challenges. As the real world challenges evolve so should technology. Stellar Lumens (XLM) are evolving to suit changing trends.