Argentina‘s Banco Masventas To Enable Cross-Border Crypto Payments
The Argentinian bank partners with Bitex exchange to accept Bitcoin for international payments and speed up transactions
Argentinian bank Banco Masventas (BMV), has teamed up with crypto exchange Bitex to implement Bitcoin (BTC) for international payments replacing traditional SWIFT transfers, the bank said on Monday on its Facebook page.
The new service will allow customers to use BTC to make or receive international transfers from account to account, at lower costs and less time without the mediation of international banks, BMV said.
“The tool will be available to perform transactions that will be effective in an average of 24 hours in some 50 countries, something innovative for traditional banking, as this becomes the first bank in Argentina to implement distributed accounting technology for international payments. Currently, an international bank identification code, known as BIC, is being used, which was devised more than four decades ago”, said Jose Dakak the bank’s president in a press release.
Banco Masventas, incorporated in 1965, is a small-sized financial institution offering banking solutions to individuals and businesses mainly in the province of Salta.
Argentina has so far been providing a friendly turf for cryptocurrency businesses. Earlier this year, local authorities introduced legislative amendments, allowing the development of projects for installation of 4000 Bitcoin ATMs across the country.
Many banks around the world recognize the benefits of blockchain technology in terms of lower administrative costs. In terms of security, the technology could help banks avoid hacks like the one in March with Mexico's national interbank payment system, known as SPEI, when some USD 20 million were stolen. Allegedly the main cause was the reuse of obsolete technology and that incident slowed down the whole country's banking operations.
Bitex is a blockchain financial services provider for Latin America. It offers solutions to both individuals and institutions using the Bitcoin blockchain technology for payments between more than 50 countries.
The company, whose internal procedures and operations are audited by Deloitte, is also compliant with know-your-customer (KYC) requirements.
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