Crypto Can Save India Billions in Remittance Fees: Binance Co-CEO

Binance Co-CEO Richard Teng believes that cryptocurrency can save India billions of dollars in remittance fees. According to him, India receives over $100 billion in remittances each year, with banks charging a fee of 6-7%, which amounts to around $6-7 billion annually. In contrast, using stablecoins could reduce the cost to as low as 0.1%. This would not only save money but also enable instant transfers.