Argentinian Bank Now Implements Bitcoin Cross-Border Payment
The clients of the Argentinean bank Banco Masventas (BMV) will have the opportunity to make international transfers with the help of bitcoin: the credit organization agreed with the Bitex exchange, founded several years ago.
It might be the first domestic bank in the world to allow customers to use bitcoin as a payment option.Besides, this method will reduce the commission of cross-border payments. According to BMV, customers can now use Bitex to send money to over 50 different countries in less than 24 hours, with a fee of 3% + VAT.
Very soon Argentina will be also adding Bitcoin futures too.
An informational page on BMV’s website states:
“The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries.”
Bitex’s chief marketing officer, Manuel Beaudroit, told that no real-world transactions were launched today, but the bank will soon use BTC for its customer transactions.
“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 bit coin.”
It is possible to make such a translation from now on. Clients will not work with bitcoins directly. As representatives of the Bitex exchange explained, they will first apply to the bank with a request to send an international payment, and the bank will already apply to the transaction.
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