The introduction of cryptocurrencies or digital assets offered a glimmer of hope to our world’s under-represented, marginalized, unbanked, and under-developed populations, who are now denied the bare minimum of financial facilities. Their global affordability and accessibility stand in stark contrast to brick-and-mortar banks’ lack of accessibility and international bank transfers fees. However, while cryptocurrencies are widely available, they are not universally accepted, and these digital assets have yet to find a viable use in people’s daily lives. Sure, one may use cryptocurrencies to transact cross-border international payments in minutes. But the crypto payment may not be of immediate benefit to the receiver in many circumstances. This is when things become intricate. Value Transfer Between Two Different Financial Systems Consider an online business that accepts cryptocurrency as a means of payment. Due to global payments, the business owner has an easy on-ramp into the crypto highway and huge crypto assets. However, suppose the business owner resides in a region where they don’t recognize or acknowledge cryptocurrencies. In that case, they will have difficulty exiting the crypto highway and putting their assets to real use. This is because converting from crypto-to-fiat or vice versa involves the transfer of monetary value between two financial institutions that operate under different regulations. As a result, such tr...
