Since the beginning of cryptocurrency, many states were skeptical about it, and China magnified the issue so much so that it banned the exchange of digital currency in its vast territory. However, Latinos are now beginning to accept digital currencies gradually.
The future outlook of digital coins looks bright as more and more countries are beginning to trust it. The success of digital coins seen in Asia, Europe, and America has pressured Latino nations to adopt it quickly.
Recently, an unprecedented happening took place in Latin America for the First time, and a local bank went into a contract with Bitex to allow flawless border payments while making use of Blockchain technology.
In an interview, Bitex CEO stated that the deal with the local bank is a step forward for both blockchain technology and the banking industry.
The pacesetter in this new Technology is Bantotal Bank, and the bank has over 20 million customers that make use of its services every day.
The bank being among the biggest in Latin America will undoubtedly encourage other small and big players in the banking industry to adopt blockchain technology. Through the mentioned partnership, Bantotal customers will get access to Bitex for services that were earlier offered by developers. The technology provided by Bitex will allow banks to take complete control of cross border transactions, ensuring cheaper and efficient services.
Bitex technology has also permitted faster payments, and this is, according to Beaudroit. Previously it took almost a month for cross-border refunds to reflect, but now, that time has been cut to less than one hour, an unprecedented feat.
Apart from the influence, the bank will have on its peers; other competitors in the market such as steller will have to adopt the technology if they hope to survive in the foreseeable future.
What role does Bitex Play
Essentially Bitex is at the center of transactions, it allows the exchange of fiat payments to bitcoin to fiat again, instead of the usual fiat to fiat that takes a very long time.
In an illustration, a trader from Brazil won’t have to buy American dollars to purchase Argentinian goods anymore, but this transaction will be done seamlessly using bitcoin.
This new development will considerably cut down transaction time that will improve efficiency.
The hurdle in existence now is to convince other partners to join the Bitex Bandwagon in South America.