Argentina’s Bank Uses Bitcoin For Cross Border Transfers
May 23, 2018
Banco Masventas in Argentina began using Bitcoin for cross-border money transfers. As the bank’s spokesmen declared, the popular cryptocurrency may become a worthy alternative to the interbank system Swift.
Banco Masventas has partnered up with Bitex startup to provide this service. Chief marketing officer of Bitex Manuel Beaudroit called this a unique case and noted, this was the first time ever Bitcoin to be used for cross-border money transfers. Banco Masventas’s chief shareholder Jose Dakak pointed out, the partnership will allow for the bank to stimulate further development of its digital services and reduce significantly commission fees for international payments.
The service is already available, but no transaction has been executed so far. The bank’s representatives clarified the process:
“The customers will ask the bank to do an international payment, and the bank uses Bitex as a provider. For the customer, it's transparent, they don't touch, they don't see the bitcoin. We are a provider for them, and they are not touching bitcoin.”