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Author Topic: Argentine Bank To Use Bitcoin For Cross-Border Transactions  (Read 42 times)
Hydrogen
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May 23, 2018, 11:47:05 PM
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May has not been a good month for Emerging Markets in general, but perhaps none (other than Turkey now) were hit harder than Argentina which raised rates to an astonishing 40% in an effort to defend massive capital flight and the crash in its currency as IMF bailout hope is all that remains - aside from Franklin Templeton's global bond fund.



But as the BCRA and Argentine government desperately shore up confidence in their collapsing currency, NewsBTC.com's Tim Copeland reports that Argentine bank, Banco Masventas (BMV), has revealed a partnership with Bitex to allow customers to make cross-border payments in Bitcoin.

They aim to utilise Bitcoin as a low-fee cryptocurrency which can be transferred across borders and easily exchanged for fiat currencies.

BMV said in a statement:

“The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries. The logistics solution allows for a reduction in the time it takes to send or receive transfers up to a maximum of 24 hours. Bitex has a wide network of partners that enables international transfers to more than 50 countries.”

Bitcoin enables transfers to be made without using third parties and does not rely on any trusted parties. Instead, it uses a network of nodes that validate transactions and uses incentives to ensure that the network operates accurately. It also uses cryptography, such as hash functions, to ensure that only the person who holds their Bitcoin can spend it as well as providing a public ledger to ensure accountability.

Bitex is a blockchain-based financial services provider for both individuals and institutions. They help to create logistics solutions which allow for payments to be made between multiple countries. Bitex are self-regulated, but follow compliance and KYC rules. They have also hired Deloitteservices to fulfil audits on the company’s operations and holding of funds.

U.K. bank Santander has continued their move into the blockchain ecosystem by announcing their new app One Pay FX which uses Ripple technology in April. The app was launched in Spain, the U.K., Brazil, and Poland and is designed to make cross-border payments in a matter of minutes. It runs on xCurrent, a payment solution provided by Ripple Net but does not exclusively use XRP which is associated with Ripple. XRP is used by xRapid, another solution, and has been successfully trialled by Mercury FX.

Ripple have targeted banks and, specifically, cross-border payment providers and argue that XRP can save costs and deliver faster transactions than using SWIFT or Bitcoin. This move by BMV shows a preference for the number one ranked cryptocurrency by market cap instead of XRP which is aimed at being used by banks.


Should Bitcoin Be Used by Banks?

Many token holders will welcome real-world integration as an increase in use of a coin usually leads to an increase in price. However, Bitcoin was initially set up in a libertarian environment which was hostile to banks. In fact, the Bitcoin’s genesis block contains an extract from the Times which references the 2008 financial crisis. Bitcoin is also pseudonymous which makes it harder for governments to keep track of payments and users.

In this partnership, we have an example of a low-fee cryptocurrency being used by a bank which is then charging 3% plus VAT for the service. This means that the bank is profiting from the low fees that Bitcoin offers. On the other hand, BMV did suggest it has passed some of the savings on to the customer. Instead of going through a bank, users could set up their own wallets and send transactions without using a bank, but novices may find this risky as mistakes can happen.

*  *  *

The question is - will this enable BMV customers to get around any future capital controls enforced by the government should this currency collapse turn even more crisis-er?[/b]

https://www.zerohedge.com/news/2018-05-23/argentine-bank-use-bitcoin-cross-border-transactions

A new twist to things.

Rather than argentina issuing its own crypto currency or banning bitcoin. Instead we have an argentine bank named Banco Masventas (BMV) partnering with a firm called bitex to utilize bitcoin in moving transactions across different countries. They say this allows faster and more affordable transactions over their existing financial infrastructure and gives them an advantage.

Also mentioned in the article is UK bank Santander which utilizes ripple to move funds internationally.

This reminds me of the old adage: "if you can't beat them, join them".

In this case bitcoin may save struggling banks rather than serve as a competitor or threat.

Then there's an even crazier question in terms of government regulation having the potential to prevent bitcoin and other crypto from saving banks.

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May 29, 2018, 08:40:18 PM
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Argentine bank, Banco Masventas (BMV), has revealed a partnership with Bitex to allow customers to make cross-border payments in Bitcoin.

To allow customers to use Bitcoin? I don't need my bank to give me permission to use Bitcoin, thanks. I haven't used a bank to make an international payment since I first got involved in cryptocurrency, and have saved myself hundreds in fees and days of waiting.


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June 03, 2018, 08:21:16 PM
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Well, this is going to become a trend in the future.

Banks are going to be forced to integrate bitcoin into their services, because the old SWIFT transfers are simply taking way too long (come on, up to 3 days for an international transfer in the 21st century?) and the conversion fees involved between two currencies mean that the customer is rarely satisfied with the remittance service that they receive. This bank in Argentina has obviously recognised that, and taken advantage early.

Right now, they're still using bitcoin in order to facilitate fiat transactions more efficiently. Don't be surprised if in the future, they offer crypto banking services directly with investments or transactions being denominated in BTC directly.

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August 08, 2018, 07:50:26 PM
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Argentine bank, Banco Masventas (BMV), has revealed a partnership with Bitex to allow customers to make cross-border payments in Bitcoin.

To allow customers to use Bitcoin? I don't need my bank to give me permission to use Bitcoin, thanks. I haven't used a bank to make an international payment since I first got involved in cryptocurrency, and have saved myself hundreds in fees and days of waiting.
The bank allows the use of electronic money. As I understand it is the government's decision to issue, use the payment transaction, conversion. But in fact, the use of electronic money is made by online activities, not through anything. If later, upgraded further I think they will separate and there is little chance the bank can join together.

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August 08, 2018, 08:04:49 PM
 #5

Argentine bank, Banco Masventas (BMV), has revealed a partnership with Bitex to allow customers to make cross-border payments in Bitcoin.

To allow customers to use Bitcoin? I don't need my bank to give me permission to use Bitcoin, thanks. I haven't used a bank to make an international payment since I first got involved in cryptocurrency, and have saved myself hundreds in fees and days of waiting.
The bank allows the use of electronic money. As I understand it is the government's decision to issue, use the payment transaction, conversion. But in fact, the use of electronic money is made by online activities, not through anything. If later, upgraded further I think they will separate and there is little chance the bank can join together.

I think what he is saying is that you do not need a Bank to do these transfers if you do it yourself. The only reason why you

would need a Bank, is if you are going to convert the Bitcoin back to fiat. The Banks still have the control over the fiat side

of a transaction like this. {Large fiat deposits will raise the red flag in Banks and they will query the origin.}  Roll Eyes So, yes..

Banks still have some control over this, when you use fiat currencies.  Roll Eyes

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