Comment on UN-Backed Awards Scheme Seeks Startups in Cross-Border Money Transfer Innovation by Blockchain make sense for international money transfer? – ICO tokens & cryptocurrency news

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A United Nations backed initiative, the Remittance Know-how Awards (RemTECH) is wanting for cross-border funds pacesetters searching for to positively affect the business, mentioned the orgainisers in an announcement launched final week. 

The initiative is aligned with the World Discussion board on Remittances, Funding and Growth, which takes place in Kuala Lumpur, Malaysia on Could eight, 2018, the place the awards can be introduced. The target is to lift consciousness and promote dialogue and cooperation between governments and entrepreneurs on how migrant remittances contribute to world financial growth.

In keeping with the organizers of the occasion, which has recieved backing from the World Financial institution, in addition to the UN Division of Financial and Social Affairs, digital currencies now signify a fifth of all international money transfers.

RemTECH Awards Director, Hugo Cuaves-Mohr, estimates that volumes of private and enterprise international money transfers despatched utilizing digital currencies hit USD 182 billion in 2017, practically a fifth of the full USD 1.03 trillion international transfers performed by the business.

The World Financial institution estimates that remittances to low and middle-income international locations, alone, will develop by three.four p.c in 2018, to USD 466 billion. India stays the largest heart for remittance flows, with a complete of USD 65 billion anticipated this 12 months, adopted by China, the Philippines, Mexico, and Nigeria.

Previously years, remittances have proven to be extra steady than non-public capital circulation into low and middle-income international locations, based on the assertion.

Highlighting the important thing position of the know-how throughout the mission, a part of the awards voting course of can be scored utilizing a blockchain-based platform, developed with Horizon State know-how and in collaboration with Yokip Consulting, based on the assertion. The blockchain tally will confirm that the voting occurred independently and supply an auditable account of the scoring, whereas preserving votes nameless.

The organizers are calling for submissions on groundbreaking merchandise, providers, analysis, and initiatives in international funds. The cut-off date for submissions is 30 March, 2018,

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