Cryptocurrency Promise for UAE’s Unbanked Migrants – But Not Yet

Cryptocurrency Promise for UAE’s Unbanked Migrants

A 25-year-old Ramesh who works in a restaurant as a chef hails from Madhya Pradesh every month wait outside Money Transfer Office in Dubai to spend $600 to his family in Madhya Pradesh. However, it becomes immensely difficult for him to commute every month to the Money transfer office as it costs him an extra $7 dollar that he could save for starting his restaurant in Dubai. As per the latest news, Dubai and the entire UAE is moving closer to cryptocurrency exchange, a step that could boost financial inclusion for the millions of expatriates who make up most of the region’s workforce. It will not only help Ramesh but hundreds of people like Ramesh who works in Indian restaurants in Dubai. They will be now able to send money without roaming around these money transfer offices.

The cryptocurrency wallets will surely go to be a relief for expatriates as now they don’t need to stay outside in long queues to send money to their homes in extreme heat & humidity. With cryptocurrency wallets, they can easily send money to their home with little to no fees. It is going to bring revolutionary changes in the life of expatriates.

One of the main advantages of Cryptocurrency is that you can check everything from your mobile phone.

According to a report, around 1.7 billion adults around the world don’t have bank accounts which is a huge number and most of them are migrants from India, Bangladesh, Nepal, and Asian Countries. They happen to work as migrants in different countries and they are required to send money to their homes. You will be surprised to find out that out of the total population of UAE, 9 million people are ex-pats working in UAE. They last year in 2020 sent $43 billion in remittances making it the second after the United States. The global think tank said the remittance industry makes up about 12% of the Emirates’ gross domestic product.

The UAE’s decision to embark on digitalization and giving a nod to Cryptocurrency as legal tender will have enormous benefits. It will help in boosting their economy and also to the millions of migrants who are working here.

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I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.

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