Crypto gets the seal of approval from US politicians and the British Monetary Association
Recent research indicates that cryptocurrencies can improve the traditional banking system. This is because people can exchange the current settlement infrastructure with digital currency.
Some participants in the cross-border payment processing sector are looking to blockchain and cryptocurrencies as remittance-enhancing solutions.
According to a study by the International Association of Money Transfer Networks, the blockchain technology that powers digital currencies enables fast transfers by removing intermediaries such as banks and thereby reducing expenses.
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“The use of cryptocurrency for payment purposes is a viable alternative to traditional settlement procedures, the IAMNT study shows.
Crypto: An efficient payment tool
The study further stated that with the use of blockchain technology, crypto transactions become fast and seamless. In addition, third parties and the banking system become unnecessary.
The IAMTN noted that the need to investigate blockchain technology is prompted by the decline in existing economic connections and the increase in the volume of cross-border payments.
Image: IAMNT
Despite the purported benefits of blockchain in payments, the ideal use case for the technology in remittances remains unclear, based on the findings.
In addition to blockchain, IAMTN has cited artificial intelligence and open application programming interfaces as technologies that could improve cross-border transactions.
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According to the report, money transfer service providers eager to incorporate new technology into their processes often face obstacles in the form of restrictive national regulations or the absence of legislation overseeing such innovations.
Global payment services companies are represented by IAMTN, a non-profit membership organization. It works closely with governments, regulators, regional groups and private businesses to promote the development of safer, more reliable, faster, cheaper and transparent international payment systems.
BTC total market cap at $402 billion on the daily chart | Source: TradingView.com
#Bitcoin is at the forefront of a decentralized monetary revolution that could abolish the Federal Reserve and the fiat system in general.
— Libertarian Party (@LPNational) 24 July 2022
Third largest US political party nods to crypto
Meanwhile, cryptos like Bitcoin (BTC) appear to be gaining more political support in the United States, with the country’s third-largest political party voicing public support for the major digital asset and confidence in its sustainability.
Bitcoin, according to the Libertarian Party of the US, is a “decentralized monetary revolution.”
The political alliance issued the following statement via its official Twitter account:
“Bitcoin is at the forefront of a decentralized currency revolution that could topple the Federal Reserve and the fiat system in general.”
In a blog post dated February 2020, the California branch of the Libertarian Party declared support for cryptocurrencies, referring to Bitcoin as the “greatest tool for human freedom that mankind has ever invented.”
The Libertarian also takes cryptocurrency contributions made through BitPay, which enables users to make payments in Bitcoin and other prominent cryptocurrencies.
Featured image from Freepik, chart from TradingView.com
