Argentina Bank Drops SWIFT to Launch Bitcoin Cross-Border Payments
The Bitcoin revolution is happening right now and companies like the Argentinian Banco Masventas (BMV) are leading the way with innovations like using Bitcoin for international payments. The bank has started to use a cross-border payment system based on the Bitcoin network that will enable the company to send payments to 50 countries in less than 24 hours.
A Bitcoin Partnership With Bitex To Get Rid Of SWIFT
This move comes from the result of a recent partnership with a company called Bitex, which is a crypto exchange that focused on the Latin American market. The Bitcoin payments will work in a similar way as SWIFT is currently used as an international payment standard.
The company states on its site that without other banks serving as intermediates, the costs of the exchanges are greatly reduced and the whole process speeds up. The partnership with Bitex was made to ensure the best service for clients outside the country and to lower costs.
The SWIFT system has been the protagonist of multiple failures and security problems recently, so it seems only natural that companies that trying to move away from it and use more secure and efficient alternatives instead.
Clients Will Not Even Need To Acquire Bitcoin
The main idea of this new service is that the customers will not need to use Bitcoin. The company will use it on its own with Bitex as a provider and the process will be transparent to the customer, but he will not even need to know if he isn’t interested.
This echoes a recent interview with Litecoin creator Charlie Lee in which he states that, in the near future, people will not even know that they are using crypto. This could make Masventas the first bank in the world to use solely Bitcoin for international remittances in the near future.
Bitcoin In Argentina
The Argentinian government seems to be welcoming to the use of Bitcoin in the country and has recently developed plans to install over 4000 Bitcoin ATMs over the country according to changes in the legislation.
More companies in the industry are starting to use blockchain tech and, during April, Buenos Aires had an event called the Bitcoin Day, which is a stark contrast to the prohibitive stance of other countries like Chile, which seem to be against cryptos.