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The Use of Virtual Currencies in Small-value Cross-border Remittances and its Implication

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Listed:
  • Gongpil Choi

    (Korea Institute of Finance, Republic of Korea)

  • Meeyoung Park

    (Korea Institute of Finance, Republic of Korea)

  • NaEun Park

    (Korea Institute of Finance, Republic of Korea)

Abstract

Despite the efforts by regulatory authorities to promote the Fintech start-ups in the heavily regulated cross-border remittance market, its development has been slow and sporadic. The lingering uncertainty stems from a combination of factors: legacy infrastructures of silo-type for regulatory oversight, a nascent status of global guidelines on the use of virtual currencies, and lack of relevant compliance services for start-ups. This paper highlights the glaring gap of regulatory arbitrage in the use of sovereign fiat currency and its digital counterpart for the cross-border value transfer. Developing a balanced ecosystem via relevant legal, supervisory, and regulatory support should be prioritized before situation-driven fragmented and duplicate regulations are introduced.

Suggested Citation

  • Gongpil Choi & Meeyoung Park & NaEun Park, 2017. "The Use of Virtual Currencies in Small-value Cross-border Remittances and its Implication," Remittances Review, Remittances Review, vol. 2(2), pages 89-119, October.
    • Handle: RePEc:mig:remrev:v:2:y:2017:i:2:p:89-119
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    1. World Bank, 2016. "Migration and Remittances: Recent Developments and Outlook," Working Papers id:10924, eSocialSciences.
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