The fundamental problem behind high fees, underbanked users, and failed currencies, both in Latam and the US, is precisely the same: the lack of a stable currency with global access and minimum government interference.
The consequence of the problem:
The U.S. is home to 65 million Latinos, representing the fastest-growing population in the country; despite this, 35% of them are underbanked.
Each year, Latinos in the U.S. send over $170 billion to Latin America, often incurring fees as high as 20%.
Once the money reaches Latam, recipients may incur additional fees of up to 10% to convert and cash out.
In contrast, Latin America has a population of 700 million, with 20% of households relying on remittances for income and 75% of the population being underbanked.
Latin America's financial fragmentation worsens the problem, with 33 countries using 39 different currencies. Over time, all of these currencies have failed due to devaluation, inflation, and poor monetary policies.
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