Cryptocurrencies offer migrant workers a cheaper option for sending remittances back home. However, caveats exist to their use. — Reuters
MUHAMMED Bilal used to have to wait his turn outside a money transfer office in the scorching heat of Dubai to send home US$1,000 to his wife and parents in Pakistan each month, at a cost of about US$7 per transfer.
He has since switched to an app that allows him to send money instantly with no transfer fees, joining a growing number of migrants in the United Arab Emirates using cryptocurrencies and blockchain services to send remittances quickly and cheaply.
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