A new study by the International Association of Money Transfer Networks (IAMTN) shows that cryptocurrencies can be a ‘good alternative’ to traditional finance. It finds crypto’s greatest strength in immediate transfers and the removal of third parties like banks.
The interview with some big names in the industry that IAMTN conducted on innovative technology supports the fact that cryptocurrency is a ‘good alternative’. It was noted that blockchain technology and crypto hold ‘infinite opportunities’ for international payments and settlements. The report said:
“The use of cryptocurrencies for the settlement of transactions can be a good alternative to traditional settlement processes. This is because of the possibility it allows to settle transactions instantly on a blockchain, without the need to go through the correspondent banking system, with its limited opening hours and long processing times.”
The report also mentioned that there are several problems that the industry players run into, such as unclear rules and regulations, lack of availability, and lack of understanding.
Many governments, companies, and individuals want to have the opportunity to use cryptocurrencies, but with regulations taking their time in the making, it is hard to make sense of what is still allowed by the law and what is not.