Americans spend over $12 billion annually in remittance fees. | Moonhub

Americans spend over $12 billion annually in remittance fees. Coinbase suggests that cryptocurrencies like Bitcoin and Ethereum could significantly reduce these fees by 96.7% while also providing faster transfer times. Given the importance of remittances to underbanked communities, it is crucial to make the process more efficient and accessible. Coinbase urges American regulators to recognize the value of responsible crypto products and services to update the outdated remittance system. Americans already use crypto to send money abroad, and it is time for policymakers to take notice.