According to a report by a UK-based financial association, cryptocurrencies can be a good alternative for payments.
Research by the International Association of Money Transfer Networks (IAMTN) stated that blockchain technology can reduce costs because it eliminates intermediaries.
IAMTN’s research reveals that crypto payments can be quite beneficial, especially for cross-border payments.
“Using cryptocurrencies to make things easier could be a good alternative to traditional finance. This is because it allows transactions to be executed quickly on a blockchain without having to deal with limited working hours and long transaction times.”
The study highlighted that while blockchain has proven to be quite useful for payments, it is currently unclear which is the best use case when it comes to remittances.
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