The leading bitcoin exchange in Vietnam recently launched a bitcoin remittance service in the country called cash2vn. This will enable users to send funds to their families and friends in Vietnam through the bitcoin network and the cash2vn platform for a fee of $2 per transaction.
For now, the bitcoin remittance platform requires that the user have a bank account in Vietnam, although the team is already working on methods to cash out that can be inclusive of those who don’t have a Vietnamese bank account.
Bitcoin Remittance Trends
In other parts of Asia and in South America, bitcoin remittance has been a growing trend for cryptocurrency startups. After all, using the digital currency as a means for money transfer entails lower costs compared to other forms of fund transfer such as credit card or online accounts.
“To introduce the remittance service by leveraging the abilities of the Bitcoin network was one of the next natural steps on our roadmap as full-service provider around Bitcoin in Vietnam,” said Nguyen Tran Bao Phuong, CEO of Bitcoin Vietnam Co., Ltd. “While we are observing, that the topic Bitcoin remittances is one of the trending ones in the industry with several companies working on offering/improving products in this area – we also see it as a way to expand the general user base of bitcoin, by offering people a product which actually makes them better off than using traditional ways of transferring value.”
This bitcoin product will now be a part of Rebittance, which is a coalition of bitcoin startups all over the globe that are giving remittance-related services. Rebittance is driven by the aim to provide universal access to otherwise inaccessible financial services, enabling unencumbered participation in the internet economy regardless of the size of your bank account, and fostering innovation.