It should be noted that Britain has never adopted the conventional European Union currency despite it being a member thereof. Instead, it has stuck with its traditional fiat, the British pound. Consequently, money transfers within the British pound involve currency exchange and additional bank charges. Brexit is only going to make this even more complicated for anybody planning to send money abroad.
Cryptocurrencies will step up to offer the easiest and cheapest way to send remittances abroad. This is the case, as they do not even require a third party for transactions to be conducted. All that the sender and receiver will need to have is a crypto wallet, which will support the digital assets of their choice.
It is noteworthy that in the past recent years, Britain, which is the world’s Financial Capital, has become a hotbed for the increasingly growing fintech industry. Many giant European companies that are engaged in digital assets are as of current based in the United Kingdom. Even so, some are deliberating on setting up their presence elsewhere in the European Union after Brexit, such as Revolut, which has revealed its plans to open up offices in about 19 European countries
It is more likely that the crypto industry will be maintained and move to expand its presence in Britain. Revolut, which serves to develop online banking solutions and provide clients with instant access to five cryptocurrencies that include bitcoin cash, is appearing to be the next wave in terms of remittances after Brexit. Users will be able to remit digital coins between each other through apps offered by Revolut and others.
It is also important to note that Wirex and Cashiaa, which are also Britain based companies, are seeking to cut a niche for themselves in terms of remittances in cryptocurrency after Brexit. Wirex is the most popular issuer of credit or debit cards in Europe. The platform allows its customers to spend cryptocurrencies anywhere in Europe that accepts visa and allows for instant conversion of digital currency to fiat that can be withdrawn at any ATM around the globe.
On the other hand, Cashiaa provides its users with United Kingdom current and Euro bank accounts that have the capability of supporting both traditional and cryptocurrency. Startups such as these above mentioned in this article are working to make crypto banking a feasible option to conventional finance. Soon, it is expected that the disputes within the Fiat system will possibly have a positive impact on cryptocurrencies and their adoption. This is the case, as the biggest strength that cryptocurrencies have over Fiat money is their decentralized composition.