The process of converting cryptocurrency back into traditional fiat currency and disbursing the funds to a user’s conventional bank account or other established financial instrument.
Mechanism
This involves a cryptocurrency exchange or payment processor receiving digital assets, executing a sale for fiat currency on a liquid market, and then initiating a bank transfer or other conventional payout method to the designated recipient.
Methodology
Such systems require robust integration with banking networks and strict adherence to financial regulations, including AML and KYC procedures. This ensures the legal and secure transfer of value from the digital asset ecosystem back into traditional financial systems, maintaining regulatory compliance.
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