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Cross-border remittances are integral to the global economy, enabling individuals to send funds to their overseas loved ones. Nevertheless, conventional remittance channels entail various hurdles such as exorbitant transaction fees, sluggish processing, restricted accessibility, and currency conversion complexities. Within this article, we delve into the transformative impact of the Digital Yuan (e-CNY), China’s central bank digital currency (CBDC), on cross-border remittances, effectively mitigating these issues. Before you think of getting started with investing in the Digital Yuan market, click https://yuanpaygroup.site/ and learn more.
Traditional Cross-Border Remittance Challenges
High Transaction Costs
One of the primary obstacles in traditional cross-border remittances is the significant transaction fees imposed by intermediaries such as banks and money transfer services. These fees can eat into the amount sent, reducing the value received by the recipient.
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