A new study has concluded that cryptocurrencies can complement traditional finance by acting as a ‘good alternative’ to the existing settlement processes.
The study by the International Association of Money Transfer Networks (IAMTN) stated that through the blockchain technology that powers cryptocurrencies, remittances can be instant due to the ability to eliminate intermediaries like banks and in turn lower costs.
Notably, the findings are backed by leading industry players who IAMTN interviewed on the innovative technologies with the potential to improve cross-border payments. Interestingly, the stakeholders noted that blockchain and crypto possess ‘infinite opportunities’ to enhance cross-border settlement.
“The use of cryptocurrencies for the settlement of transactions can be a good alternative to traditional settlement processes. This is because of the possibility it allows to settle transactions instantly on a blockchain, without the need to go through the correspondent...
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