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Cross-border remittance is currently one of the best use cases of cryptocurrency, pushing it to the mainstream financial field.Parallel to this trend, a new partnership Velo Labs and the two financial institutions have now established a $17 billion remittance corridor between Europe and Thailand.
Using Velo Labs’ blockchain-based financial protocol, local financial institutions Tempo Payments and Bitazza will host cross-border remittance services, connecting Thailand and 27 European countries.
The corridor will be hosted on the Stellar blockchain and will use Velo tokens and Velo digital credits for on-chain transactions. The new corridor will serve approximately 600 million customers in Southeast Asian countries and Europe.
The announcement stated that all three partner companies intend to “rely on their respective networks” to provide faster and cheaper remittance options.
related: Bank of Thailand warns against using digital currency for payments
Just last month, the Bank of Thailand (BOT) Issue a warning against holding cryptocurrency, Citing risks including money laundering, theft, and price fluctuations.
BOT also expressed concern about the widespread use of cryptocurrency and asked users to avoid using cryptocurrency to purchase goods and services. BOT also plans to involve institutions such as the Securities and Exchange Commission, “to ensure that they (digital assets) do not pose widespread risks to the public or the economy and financial system.”
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