These new technologies have the potential to transform the way we send money between countries.
To say that bitcoin and blockchain are popular right now would be an understatement.
The cryptocurrency, along with the technology it’s built on, have generated plenty of headlines in recent months – and more are sure to follow. Research indicates that bitcoin will become the sixth largest global reserve currency by 2030. For the banking and payments industries, it’s an opportunity that simply can’t be passed up.
Global banks are investing in blockchain startups while bigger players, such as Goldman Sachs, are taking a closer look at the technology’s benefits. The same goes for remittance companies hoping to get in on the action. But despite the fact that bitcoin and blockchain could potentially introduce a faster, cheaper way to transfer money across borders, adoption by regulated financial institutions is stagnant.
Here’s a look at how bitcoin and blockchain can transform the way we send money, as well as what’s standing in the way of implementation.