An Argentine bank could soon become the world's first bank to use Bitcoin for international transfers.
The initiative, launched by Banco Mesventas (BMV) on May 22, is the result of the bank's partnership with local blockchain startup Bitex. Once payments can be sent, BMV will be the first banking institution to actively use Bitcoin for international payments.
This option is an alternative to the SWIFT network, which has shown many security problems in recent years.
“This service will allow you to reduce the costs associated with making international payments, since there are no intermediaries - usually international banks - completely absent,” the website says bank.
The service will initially be available in 50 countries, with payment terms reduced to 24 hours.
If this initiative is successful, Argentina will be significantly ahead of its neighbors in the field of digital banking. In April, an event called “Bitcoin Day” was held in Buenos Aires. This event demonstrated how strongly people in the capital support the development of Bitcoin.
Changes in legislation in the country have led to operators committing to install thousands of Bitcoin ATMs in Argentina this year.
The authorities in Chile, for example, has taken a restrictive approach to cryptocurrencies.
Earlier this month, Brazil's largest asset management firm switched to an over-the-counter cryptocurrency trading platform, emphasizing a focus on institutional investments.
Blockchain-based payments are on the rise more popular among banks, and Santander became the first to launch a similar service in several jurisdictions. In April, the Brazilian bank signed a partnership with Ripple.
“Transfers to Europe can be completed the same day, and we are aiming to provide our users with instant transactions across multiple markets by the summer,” the bank said in a statement.
According to http://bitcoinist.com
You May Also Like
Bitmain IPO is in doubt
The public offering (IPO) of the largest miner manufacturer Bitmain may not take place, as the Hong Kong financial market regulator, which must approve the IPO, recently raised concerns about the lack of regulatory framework for the blockchain industry.
Huobi creates a new committee to work with the Chinese Communist Party
The Huobi Group has established a Communist Party cell in one of its subsidiaries in Beijing. The group that owns the Huobi exchange announced on its website on November 16 that it is “necessary to implement” the principles and policies of the Communist Party into private companies. The move, which is a first of its kind for the Chinese cryptocurrency space, is also aimed at gaining party support for the platform's business in the country.
