Crypto remittances are gaining mainstream acceptance across jurisdictions, and Coinbase's Chief Legal Officer, Paul Grewal, is urging lawmakers to take notice of their utility. Grewal believes that crypto remittances offer a real solution to a real problem, making it easier and cheaper to send payments across borders.

The Importance of Crypto Remittances

Grewal highlights that one in eight Americans sent money overseas to support their families last year, emphasizing the need for lawmakers to pay attention to this real utility. Crypto remittances offer faster solutions with blockchain technology catering to the unbanked.

Challenges Facing Crypto Remittances

However, crypto remittances face two major challenges: high fees and longer wait times. According to Coinbase, fees can reach up to $6 for $100 transactions, mainly due to intermediaries in traditional finance raking up fees for payments. Blockchain technology, on the other hand, doesn't require traditional finance structures, driving down costs.

Digital Asset Enthusiasts Anticipate Positive Laws

As crypto adoption grows, digital asset enthusiasts are increasing calls for crypto-friendly legislation. Utilities such as faster cross-border payments are often highlighted by stakeholders. While some centralized payments might take a day to settle, blockchain models are much faster. This year, several jurisdictions have begun implementing blockchain-based cross-border payments.

In the United States, recent wins for crypto in Congress have sparked optimism on the future of crypto regulations, which can lead to clear-cut rules. Firms like Coinbase have reiterated efforts towards clear market regulations.