IAMTN study: Cryptocurrencies can be a great alternative to traditional finance

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According to the study resultsInternational Association of Money Transfer Networks (IAMTN), the use of cryptocurrencies to settle transactions can be a useful alternative to traditional payment systems.

This is because on the blockchain, transactions are carried out instantly, without the need to go through intermediaries such as correspondent banks.

Association experts say that the deteriorationCorrespondent banking between banks, combined with the growing volume of cross-border payments, makes the importance of blockchain and all related technologies obvious. New technologies will not only help reduce the cost of transferring funds, but will also significantly speed it up, says the IAMTN report:

“Thanks to new technologies, internationaltransactions can be completed almost instantly, eliminating the need for pre-funding accounts in recipient countries, costly remittance operators. A number of businesses, from traditional remittance providers to cryptocurrency fintechs, are already using blockchain technology to improve money systems translations."

The report includes the results of the studycompany, in which experts surveyed industry participants' views on innovative technologies that could improve the process of sending funds across borders. The results show that both blockchain and cryptocurrencies are seen as innovations that open up an endless number of opportunities in the cross-border payments industry.

Previously CEO of cryptocurrencyFTX exchange Sam Bankman-Fried has called blockchain a disruptive technology because of its ability to simplify payments, eliminate stock market inefficiencies and revolutionize social media.