Enabling Cross-Border Remittances with Blockchain
Reporter, American Banker
President, The Americas, Earthport PLC
Partner, Cremades & Calvo-Sotelo
Vice President Operations, Align Commerce
Inefficient, paper-bound processes, oligopolies that can charge high prices, the Rube Goldberg structure of correspondent banking, and excessive regulation all make it expensive for migrants from the developing world to send money home. Many experts agree that technology is a big part of the answer, but is blockchain one of those technologies? This panel looks at the pros and cons of bitcoin and other distributed ledger systems as a set of rails for money transfers, and the challenge of "de-risking" faced by traditional money transmission businesses and cryptocurrency startups.