On May 22, 2018, Banco Masventas (BMV) in Argentina launched a new program, in partnership with Bitcoin trader Bitex, to ditch SWIFT bank transfers for a Bitcoin-based system. Bitcoinist reports that this move comes as a result of numerous failures and security issues with the SWIFT clearing network this year.
The bank plans to extend this program to 50 countries worldwide, making it possible to process international transfers in under 24 hours. Since no international banks would serve as intermediaries in these transfers, there would be no costs associated with the transfers.
This decision helps establish Argentina as a regional leader in Bitcoin integration, especially compared to neighbor Chile, which has been cracking down on cryptocurrencies recently. Argentina’s successful Bitcoin Day in April also showed the public support of cryptocurrency adoption.
After Argentina improved financial legislation earlier this year, thousands of Bitcoin ATMs have opened in Buenos Aires. If this new program works, bank users in Argentina will be able to receive same day (soon to be instant) transfers from Europe, with no transaction fee.
Read the original article on Bitcoinist for more information.