Hi HODLers and Hiveans,
When I was reflecting years ago about actual use cases for cryptocurrencies; replacing Western Union and other money transmiters seemed obvious.
Even if cryptocurrencies have been gaining ground and market share in that sector, these international companies charging hefty fees are still the biggest players.
The main issues was to make these transfers in compliance with local and international law.
At Consensus 2023, Mastercard announced the first cross-border use case:
It allows wallets to be identified in transactions that are compliant with requirements such as the Financial Action Task Force's (FATF)
It may not seem like a lot for us but for non-technical and average citizens, this is a big deal. It would allow the same regulatory framework and security offered by Money Transmitters while leveraging almost instantenous blpockchain technology and hopefully it will help to reduce fees and boost competition.
Under that rule, whenever crypto worth over $1,000 is transacted between two parties, the crypto service provider of the sender is expected to communicate the personally identifiable information of the sender to the crypto service provider of the recipient, and vice versa.
Stay safe out there,
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