In a statement ,Yuri Bebek, head of global products and innovation in the”MoneyGram”, said again that it is likely that the cryptocurrencies are to be the future of international remittances .
“Currently, companies do not transfer money internationally when the customer makes an international transfer, but these companies fund bank accounts around the world and then transfer the value.”
This method was relatively faster than money transfer, however, using encrypted digital currencies, pre-funded bank accounts would not be necessary.
According to MoneyGram’s head of products and global innovation, digital currencies are a convenient option for transferring funds between financial firms and banks by selling them against the local currency, depositing them in a bank account or offering cash to customers.
The biggest obstacle to achieving this is believed to be poor liquidity and lack of infrastructure in some areas, but it is very likely that cryptocurrencies will go beyond this obstacle and become the future of international remittances.
MoneyGram, a specialist in money transfer, has already experimented with many solutions using the technology of PLCs and cryptocurrencies through its collaboration with Ripple.
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view