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Quote from: Len Saldua on August 09, 2024, 07:23:29 PM

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 ?

Have you tried the local exchange from the Philippines which is Coins.ph? So from Australia you can send your let's say Bitcoin to a account Coins.ph account from the Philippines and then the person can cash it out to PHP.

I think coins.ph also offered a lot of crypto as well, so you have other options not just Bitcoin. They have USDT as well which is very fast as compare to traditional banks or other remittances services.

The person who is going to received the money though will have to go to verifications from Coins.ph just like any other crypto. You can't remove fees though, so along the way you will really need to pay something, but it is just a fraction, if you used Bitcoin, right now it's just less than a dollar or like 20 PHP.

If you are going to use an exchange, use the cryptocurrency itself, without third parties. Don't you think it's better? That way the fees would be better. In addition, it's better to use P2P in these situations to sell. Depending on the amount, there may even be a discount.

If you look at the situation the OP is from the Australia and he/she is sending to the Philippines. Even if the OP uses a crypto wallet to Philippines, the recipient will still have to convert it to Philippine Peso. With that they will need a third party like their local exchange coins.ph.

And it's going to be very convenient as the Bitcoin that will get can be converted easily to Philippine Peso. So that is easy as it gets, although there are third parties involved like coins.ph, but still it is much better than to get in crypto as the receiver will also go to the same process of converting it to their local currency.

There's not much a P2P scene in the Philippines if I'm not mistaken, plus you know, the danger of going into P2P that should also be considered by the sender.

Yes, I agree with you. It's a very delicate situation. The best choice would be a centralized exchange that could do everything, like Binance for example. But that would involve KYC, so for me it ends up being bad to involve data for this situation.

Yes, and that's why I recommend a local CEX in Coins.ph, Binance though used to thrived in the Philippines, unfortunately, the government put a ban on them as they didn't comply with their crypto regulations. I do understand, as much as we don't like KYC, it's not mandatory by top exchanges like Coins.ph.

But if I'm not mistaken, if after the transactions the receiver or the OP doesn't want the KYC, then they can request Coins.ph to delete all their info. But if them having a account and it's very convenient for them, then this could be the only options for them. Hopefully the OP will get back at us as whether they follow this advise or not.