For cross-border transactions, cryptocurrencies would be used by an Argentine bank

A partnership with Bitex would have announced the Argentine bank Masventas so that customers can use BTC in international payments. This association would work as an alternative to SWIFT since Bitex is a financial services provider based in Latin America. The news came through a publication of the official BMV Facebook page on May 21.

The time that a client will invest when transferring money from one account to another will be much lower according to the BMV. The times will be reduced up to 24 hours thanks to the technology that will be implemented in the bank. The bank's main shareholder, José Humberto Dakak, will thereby strengthen digital services and reduce costs. The partnership with Bitex would be a strategy to provide foreign clients with payment and collection services for Bitex exchange.

Bitex will be observing the strictest compliance rules, as well as measures of Know you client, in addition to streamlining the process. There will be one of the four main auditing and accounting firms such as Deloitte. It will act as an impartial third party that will review and report on operations, procedures, balances and user and company funds.

Earlier this month Ripple launched a pilot of the xRapid platform, designed to facilitate cross-border fixed transfers. Organizations already participating in this project managed to save between 40 and 70 percent of transactions. However, it was reported that the transaction time was two minutes compared to 2 or 3 days. On the other hand, in March, the Swift provider published his report on how the ledger technology was distributed.