Recent research indicates that crypto currencies can enhance the traditional banking system.
Some participants in the cross-border payment processing sector view blockchain and cryptocurrencies as remittance-enhancing solutions.
According to a study by the International Association of Money Transfer Networks, the blockchain technology that drives digital currencies enables rapid remittances by removing middlemen such as banks and so reducing expenses.
Crypto: An Efficient Payment ToolThe study further stated that with the use of blockchain technology, crypto transactions become fast and seamless.
IAMTN noted that the necessity to investigate blockchain technology is prompted by the decline in existing financial connections and the increase in the volume of cross-border payments.
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