Blockchain based remittance system in Bangladesh for First Time!

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In the world economy, Bangladesh is doing well in terms of remittances for many years. The driving force of Bangladesh's economy is Agriculture, garments and remittances. But sending remittances in a legal way is a challenge for Bangladesh. Many of the expatriate Bangladeshis sending money in an illegal way that’s means not banking channel. Recently, Government of Bangladesh announced a cash assistance rate of 2 percent to encourage remittances to legal channels.


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This is the good news that Bangladesh is getting the first blockchain based remittance system soon. Through which Malaysian expatriate Bangladeshis will be able to send their remittances to their home country immediately. Blockchain technologies is becoming more popular to solve the problem associate with financial transaction and payments. In the Blockchain system every transaction is completed via the Internet without the assistance of a third party. This will ensure privacy and security. Recently, a report said that Standard Chartered Bank (SCB) will start block-chain based cross-border remittance services for Bangladesh. Standard Chartered Bank has developed this new service in collaboration with Malaysian remittance provider Valyou and bKash. It is known that it uses blockchain technology of Ant Group.

If this service starts properly, I think the Blockchain technology will appear more acceptable to people.

leofinance economy finance life technology
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I didn't know this was already being implemented, but it's a good way. To speed up, to make everything faster.

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