This might be a little off-topic, but... is there any project in crypto that is suited for remittances? ( for example, Australia to the Philippines )
Bitcoin itself could be used for this, but lets not forget, if the recipient gets a fractional Bitcoin in his crypto wallet ( assuming he knows how to
use one of those ), he still needs to convert it to cash ( in this case, PHP pesos ) Doing this conversion will incur fees, and I use the plural
because there might be multiple fees involved if he's using a centralized exchange. The recipient likely also needs a bank account, and probably will
need to convert Bitcoin to Dollars and Dollars to PHP Pesos in the end.
So to me it all seems highly impractical if you're using Bitcoin or Ethereum. Is there any other option in crypto or are remittances still better
handled by Western Union ?
A fiat token would just do your job if both the parties are agreeing on sending and receiving crypto through blockchain. But if you want direct conversion to cash of local currency, it would be difficult. As far as I know, sending money internationally is a highly regulated and taxed sector. Many governments around the world would want a slice out of it. Many of the countries taxes the conversion of crypto to cash for the very same reason. If you do want it in cash, the best thing is to receive it on crypto and use the option available to convert it into local currency. But if that is not a choice than the sender can convert their crypto to fiat and send through remit service like wise or Western Union or through wallet apps like Paypal and Skrill.