Argentina’s Banco Masventas recently announced on its Facebook page that customers may now make cross-border payments using Bitcoin. The bank is now partnered with Bitex, after previously working with SWIFT.
Banco Masventas is officially the first bank to use a cross-border payment system on the Bitcoin network. The new system will allow the bank to make transfers to over 50 countries with those payments being processed in a day or less.
The switch over to Bitex may be attributed to SWIFT being stricken with its recent security issues. SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication. It’s purpose is to handle and process international bank payments.
Argentina has a very optimistic view on cryptocurrency and more so than any other Latin American country. Just this month Odyssey Group, a South Florida tech company, began installing thousands of ATMs running on blockchain technology to support cryptocurrencies. This came after The Central Bank (BCRA) issued regulations that allowed for individuals to operate the ATMs. The first units were set to be installed in the cities of Buenos Aires, Córdoba and Jujuy.