04-Jun-18, Asia Times
It will only be when crypto-currencies become more practical to use than the current system of money that they might enter mainstream society. And in that regard, Southeast Asia could be leading the way.
%20Reuters_Romeo%20Ranoco.jpg "Southeast Asias remittance sector finds a friend in crypto (c) Reuters Romeo Ranoco")
Image: Reuters / Romeo Ranoco
As digital currencies become increasingly popular in the region, there are a number of emerging examples of how everyday life can be made much simpler.
- Phnom Penh based DApact utilizes digital tokens to provide transparency and an immutable record of transactions which, currently, traditional financial technology cannot do.
- In the Philippines a company called Coins launched an app to facilitate transfers in the huge remittance service industry. By converting cash into crypto-currency before sending it home can result in huge savings from bank transfer fees and forex spreads.
- Even one of the region's poorest countries, Myanmar, has outpaced the likes of Germany in terms of fundraising for initial coin offerings.