MoneyGram: The cryptocurrencies are the future of international transfers.

· The director pointed out that banks do not need pre- financed accounts if they use cryptocurrencies.

· The Exchanges would pay an important role in the future of in the future of international transfers.

Cryptocurrencies are likely to be the future of cross-border money transfers, MoneyGram’s Director of Production and Innovation, Youri Bebic, said in an interview for the Automated Process Institute of Robotics and Artificial Intelligence.

Nowadays, companies do not move money out of theirs borders when the customer makes an international money transfer, Bebic explained, “The money is already there. We pre- finance bank accounts all over the world and then make value transfers, “he said, pointing out that this method is comparatively faster.

However, pre-financed bank accounts would no longer be needed if cryptocurrencies were used. On the contrary, cryptocurrencies exchange could be used to “sell cryptocurrencies in exchange for local currencies and deposit them in a bank account or give cash to our users,” Bebic said.

He added that the greatest obstacle to achieve this objective is the lack of liquidity and the backwardness of certain regions. Nevertheless, he believes it is “highly probable” that this will be the future of international money transfers.

The money transfer company has already run several solutions using cryptocurrencies and also has performed proof-of concept with Ripple. Analogously, use of the blockchain and cryptocurrencies networks for international transfers was investigated by such companies as Visa, Japanese bank MUFG and even Argentine bank Masventas S.A.

Media: criptonoticias