Digital Money and Remittances Costs in Central America, Panama, and the Dominican Republic

Carare, Alina; Yakhshilikov, Yorbol; Hadzi-Vaskov, Metodij; Vasilyev, Dmitry; Franco, Lavinia; Lesniak, Justin

doi:10.5089/9798400227097.001

Cited by 7 publications

(3 citation statements)

References 3 publications

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“…Recent studies on digital money or fintech remittances for Central America reveal great potential for the region, for example, to lower transaction costs, which are still above the 3% mark envisaged in the Sustainable Development Goals set out by the United Nations (Bersch et al 2021;Carare et al 2022). However, the study by Alvarez et al (2022) finds no evidence for a significant use of Bitcoin to pay taxes of the transfer of remittances according to interviewees.…”

Section: Bitcoin As International Moneymentioning

confidence: 97%

The political economy of Bitcoin as legal tender in El Salvador: Temporary bandages to permanent wounds?

Boos,

Grigera

2023

WIDER Working Paper

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Section: Bitcoin As International Moneymentioning

confidence: 97%

The political economy of Bitcoin as legal tender in El Salvador: Temporary bandages to permanent wounds?

Boos,

Grigera

2023

WIDER Working Paper

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“…2 See Carare et al (2022). 3 To mitigate the risks and protect the crypto asset markets from misuse, compliance with existing regulations, including AML/CFT regulation, is necessary.…”

Section: Box 2 Do Crypto Assets Provide Cheaper Payments Than Traditi...mentioning

confidence: 99%

Elements of Effective Policies for Crypto Assets

2023

Policy Papers

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IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following documents have been released and are included in this package:• A Press Release summarizing the views of the Executive Board as expressed during its February 8, 2023 consideration of the staff report.• The Staff Report, prepared by IMF staff and completed on January 4, 2023 for the Executive Board's consideration on February 8, 2023.The IMF's transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities' policy intentions in published staff reports and other documents.

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“…Further, it cannot be expected that the remittance charges would come down any lower as its an oligopoly of banking intermediaries like Visa and MasterCard 54 . However, if the developing countries and the remittance receiving nations adopt the cryptocurrency or a financial arrangement working on similar pattern, it would end up bringing down the remittance cost by huge margin 55 . Also, the process involved in securing these remittance is convoluted and unduly long.…”

Section: Reduced Remittance Costmentioning

confidence: 99%

Cryptocurrency and Technology: Could It Revolutionize the Economic Prosperity?

SHEKHAR GEHLOT, PROF AMIT DHALL

2023

RLJ

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Cryptocurrency has been one of the most revolutionizing financial innovation of the 21st century. Cryptocurrency, led by bitcoin and Ethereum has shown promising potential to solve the global financial and economic problems and barriers. The journey of the cryptocurrency, from $0.000 to $27334 (Bitcoin) has also been no less than a charm. The cryptocurrency has seen equally dramatic and polarizing responses as well, from being called the latest gold to being dismissed as another hawala technique, the cryptocurrencies remained hugely debated and controversial financial technology of the second decade of the 21st century. Cryptocurrency evoked emotional responses and hysteria from the governments across the globe and received extreme reactions from being declared as the legal tender in some countries to being completely outlawed in another. A set of financial pundits are lauding the promises the latest innovation hold while another is busy calling it a bubble and have written obituaries, in advance. Whatever may be the ultimate fate of the cryptocurrency such as bitcoin or Ethereum but it is a sure thig that the technology would stay and would be used by various countries for tailor made financial schemes as all nations and financial institutions such as IMF and World Bank have expressed keen interest in appreciating and evaluating the potentials of technology underpinning the cryptocurrencies. But does the cryptocurrency hold any real potential or is it a mere farce? This research article sprang up from the curiosity set up by this question and in this article the researcher shall make an honest attempt to answer many of the potentials of the cryptocurrency and its underlying technologies, more particularly, blockchain. Researchers would also ultimately delve into the million dollar question, How could cryptocurrency revolutionise the economic prosperity.

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Digital Money and Remittances Costs in Central America, Panama, and the Dominican Republic

Cited by 7 publications

References 3 publications

The political economy of Bitcoin as legal tender in El Salvador: Temporary bandages to permanent wounds?

The political economy of Bitcoin as legal tender in El Salvador: Temporary bandages to permanent wounds?

Elements of Effective Policies for Crypto Assets

Cryptocurrency and Technology: Could It Revolutionize the Economic Prosperity?

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