In the study conducted by the International Association of Money Transfer Networks (IAMTN), it was stated that thanks to the Blockchain technology that powers cryptocurrencies, intermediaries such as banks will be eliminated, so costs will decrease and transfers can be made instantly.
In the study, it was noted that the increasing cross-border payment volumes as well as the decline in mutual banking relations created the need to explore Blockchain technology.
The study also included the following statements:
“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,”
