1

Bitcoin has been used by labourers in China to transfer money back home to their families, mostly because other transfers where more expensive. Many immigrants to richer countries support familiy in their origin country, these remittances are quiten important economic factor and may dwarf development aid received by a poor country. At least a while back, fees for international transfers where quite high. It could make sense for an immigrant to use bitcoin to remit money to their family. Is this widely done, is thie known?

Is it reasonably easy to get, say CFA in Senegal, or Naira in Nigeria fo bitcoin (not asking about those specific currencies, just to give you an idea). Would bitcoin even solve the transfer problem if there's not a reasonably large bitcoin 'market' in the receiving country, so you can by local or international currency locally without relying on an exchange service that sits outside of the country?

I'm asking for two reasons, one this is an actual case where I think the tax and fee evasion possibility in *coin could do much good. Two, I think it'd be useful for the *coin communities because it would make *coins more useful around the world.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.