Argentinian Bank to Use BTC For Cross Border Payments

Banco Masventas joined forces with Bitex exchange to use Bitcoin as an alternative for SWIFT
22 May 2018   1965

Banco Masventas from Argentina announced that starting it will allow its customers to send cross-border transfers using bitcoin, CoinDesk reports.

The regional bank entered into an agreement with the Latin American exchange Bitex, founded in 2014, and will use bitcoin as an alternative to Swift.

The representative of the exchange said that this cooperation was the first example of the use of bitcoin by a local bank for cross-border payments.

The main shareholder of Banco Masventas, José Dacak, said that the latest solution will contribute to the development of digital banking services, including those targeted at mobile devices, and will reduce the cost of servicing cross-border payments.

One of the actions was to contract Bitex as a strategic partner in the implementation of the Bitex platform for payments and collections operations for our clients abroad.

José Dacak

Principal shareholder, Banco Masventas

The bank has not yet committed transactions using Bitcoin, as the service starts to operate only today, Bitex representative explained. 

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   318

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.


People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.