The movement of cryptocurrencies in money transfer
According to a recent interview on cryptocurrencies at the Institute for Robotic Process Automation and AI, Youri Bebic, the head at product and innovations at MoneyGram mentioned that the technology will be great for international money transfers.
Executives from the company are very optimistic about the applications of cryptocurrency adoption saying that this is likely to become the standard for international transfers in the coming years.
Bebic said that it is indisputable that the blockchain technology will offer the current monetary system’s money transfer services better and faster transfers.
The full implementation of cryptocurrency in the global economy could mean that bank accounts might no longer be of necessity.
Blockchain and MoneyGram
The technology is still underdeveloped and in need of work in order for its full implementation to be fully appreciated and observed. The blockchain technology brings a huge change, however it is low on liquidity in much of the world today.
Cryptocurrencies and its exchanges will play a significant role in the central part as the industry keeps growing. These kinds of exchanges will be responsible for selling against fiat-currencies for cash or deposits that go into a user’s bank account.
MoneyGram is said to be familiar with the blockchain technology, and the company may be planning on making use of it in the near future. The company has been a known partner of Ripple for some time now, a partnership that was first announced in 2018.
MoneyGram is the second largest money transfer company internationally with the first being Western Union. The company has reportedly been making use of the xRapid liquidity platform in its pilot phase.
The meaning of Money is quickly changing, as fast money transfer has been possible for a few years now. Money transfers are nearly-instantaneous with low fees for international transfers and this is expected to have profound implications for the global economy.
This makes the situation for immigrant families much easier and simpler to send remittances to relatives back at home or overseas.
The cost for these kinds of transactions now is around $7.45 cents and the current annual remittance market sits between $400 billion and $500 billion.
This has put projects like Ripple and Stellar on the forefront of international money transfers.
The technology has also seen companies like IBM explore their own money service, “World Wire”.
The global implementation of cryptocurrencies with its blockchain technology means that money will start to move as fast as information in this era.
You may also be interested in: