Cross-Border Transactions via Bitcoin in  Argentina

As indicated by a Facebook post May 21 Argentinian Banco Masventas (BMV), has reported a partnership Bitex to empower customers to utilize Bitcoin for worldwide payments as an other option to SWIFT. Bitex is a blockchain-based money related service supplier situated in Latin America.

As per BMV, the new  service enables customers to exchange currency and transfer it  from account to account in less time than conventional bank does. BMV says that the new service will lessen exchange and transfer times by up to 24 hours.

José Humberto Dakak, a principal shareholder of Masventas, said:

“One of the initiatives is to use Bitex as a strategic partner to provide our overseas customers with payment and collection services at the Bitex Exchange.”

Notwithstanding facilitating exchanges, Bitex claims that it can give more secure transactions. As per their website, Bitex follows “the strictest compliance rules” and know-your-client (KYC) measures. They have likewise engaged Deloitte, one of the “Big Four” bookkeeping and review firms, as an impartial third party, to conduct a survey and provide detailed information on transfer and exchange transactions and procedures.

Prior this month, a pilot of Ripple (XRP’s) xRapid platform was launched, which is intended to stimulate cross-border fiat exchanges between money related organizations. Organizations which took an interest in the undertaking revealed exchange reserve funds of 40-70 percent. Payments through the new pilot apparently took around two minutes, instead of the usual 2-3 days required by numerous classical cross-border payments.

However, financial messaging provider SWIFT published a report on how distributed ledger technology (DLT) proof of concept (PoC) could help nostro account reconciliations. According to SWIFT, the PoC, “went extremely well, proving the fantastic progress that has been made with DLT and the Hyperledger fabric in particular.”