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Banco Masventas Bank in Argentina is now Using Bitcoin for Cross-border Payments

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Crypto Enthusiasts across the world have showcased an interest in Digital currency because of its worldwide Appeal. Cryptocurrency is the only form of money which can reliably remit across the globe circumventing country borders and currency conversions.

Argentinian Banco Masventas (BMV) has recognized this, as the bank has revealed that beginning Monday it will enable customers to send cross-border payments using Bitcoin.

Bitcoin and Banking can work Together

Most Banking institutions across the world haven’t been overly enthusiastic about the Bitcoin phenomenon. There are valid reasons why banks have opposed Bitcoin and alternative cryptocurrencies from day one. This form of currency can do something that is currently impossible to do using the traditional banking system. Distinctively, Cryptocurrencies are capable of sending value across the globe without dealing with border restrictions and currency conversions.

While most Banks around the globe are closely studying developments and potential risks in the crypto space, most banks are seeking ways to provide this functionality. In the case of BMV, the focus lies on using Bitcoin as a way for cross-border payments.

According to BMV, the new service allows customers to remit money from account to account in less time than traditional bank transfers. The bank states that the new service will reduce transfer times by up to 24 hours.

BMV will roll out the new service on Monday; this new service was made possible through a partnership with Bitex,  a tech startup with an aim to bringing cryptocurrency Services to Latin America. This latest Development is rather intriguing for many reasons; the most interesting one is the fact that this solution will rival with the likes of Swift

BMV customers have expressed increased interest in mobile payment solutions in recent times. José Humberto Dakak, a principal shareholder of BMV, stated that the move intends to reinforce BMV digital and smartphone-based services and lessen banking service costs. 

For BMV clienteles, they will go through the same procedure of remitting cross-border transactions. Backstage, Bitex will process cross-border transactions for BMV with Bitcoin, speeding up the process and reducing operating cost.

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