Argentine Bank Will Start Using Bitcoin for Cross-Border Transactions

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According to reports a bank in Argentina will allow its customers to start using Bitcoin for cross-border payments. Banco Masventas an Argentine bank recently revealed that beginning this Monday, it is going to enable its customers send cross-border payments with the world’s largest cryptocurrency by market cap Bitcoin.

Partnership With Bitex

Following a partnership with the 2014 founded Latin America-focused digital currency exchange startup Bitex, the news indicates that the Argentine regional bank will be using Bitcoin as a transaction rail in international payments as an alternative to the Swift banking system. This move will provide better😌, more secure and quicker transaction time customers.

According to Manuel Beaudroit, Bitex’s chief marking officer in an interview with CoinDesk, this is the first time that any domestic bank has decided to adopt Bitcoin or cryptocurrency for cross-border transactions.

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In a statement released via the bank by its principal shareholder Jose Dakak, the move was designed to further enhance the banks digital and smartphone-based services. It is credited to broader drive Banco Masventas further and lower banking costs for clients.

Beaudroit said:

“One of the actions when thinking about how to make banking easier was to contract Bitex to become our strategic partner in the commencement of the Bitex network for payments and collection operations for our customers abroad.”

While speaking about real-world transactions haven’t been launched yet (the service was to begin this Monday), the bank will be using Bitcoin for real client cross-border transactions, Beaudroit added.

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He told said during an interview:

“It isn’t uncommon for the customers to ask the bank to carry out an international transactions and the bank works with Bitex as its provider. For the consumer, it is transparent, they do not have to touch, or even see the Bitcoin. We the bank are a provider for them. They are not going to touch the Bitcoin.”

 

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