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Breaking News: Ripple And SEC Reach Major Deal: Remaining $75M Penalty Returned, Injunction Lifted
crypto

Crypto Gets Seal Of Approval From US Politicians And British Monetary Association

Christian Encila
by Christian Encila
3 years ago
·
Posted in Bitcoin, Bitcoin Acceptance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Recent research indicates that crypto currencies can enhance the traditional banking system. This is because people can swap the current settlement infrastructure with digital currency.

Some participants in the cross-border payment processing sector view blockchain and cryptocurrencies as remittance-enhancing solutions.

According to a study by the International Association of Money Transfer Networks, the blockchain technology that drives digital currencies enables rapid remittances by removing middlemen such as banks and so reducing expenses.

Suggested Reading | These Robot Dogs Can Dig Up Lost Bitcoin – And Be Used As Killing Machines

“The use of cryptocurrency for payment purposes is a viable alternative to traditional settlement procedures, the IAMNT study shows.

Crypto: An Efficient Payment Tool

The study further stated that with the use of blockchain technology, crypto transactions become fast and seamless. In addition, third parties and the banking system become unnecessary.

IAMTN noted that the necessity to investigate blockchain technology is prompted by the decline in existing financial connections and the increase in the volume of cross-border payments.

Image: IAMNT

Despite the purported benefits of blockchain in payments, the ideal use case for the technology in remittance is still unclear, based on the findings.

In addition to blockchain, the IAMTN has mentioned artificial intelligence and open application programming interface as technologies that can improve cross-border transactions.

Suggested Reading | Bitcoin ‘Back With A Vengeance’ – Crypto Liquidity Crisis Is Over, Citi Report Suggests

According to the report, remittance service providers who are eager to incorporate new technologies into their processes frequently face obstacles in the shape of restrictive national rules or the absence of legislation overseeing such innovations.

Global payment service companies are represented by the IAMTN, a non-profit membership organization. It collaborates closely with governments, regulators, regional groups, and private enterprises to advance the development of safer, more dependable, faster, less expensive, and transparent international payment systems.

BTC total market cap at $402 billion on the daily chart | Source: TradingView.com

#Bitcoin is at the forefront of a decentralized monetary revolution that can nullify the Federal Reserve and the fiat system in general.

— Libertarian Party (@LPNational) July 24, 2022

Third-Largest US Political Party Give Nod To Crypto

Meanwhile, crypto such as Bitcoin (BTC) appear to be gaining more political support in the US, with the nation’s third-largest political party voicing public support of the major digital asset and confidence for its sustainability.

Bitcoin, according to the Libertarian Party of the US, is a “decentralized monetary revolution.”

The political alliance issued the following statement via its official Twitter account:

“Bitcoin is at the forefront of a decentralized currency revolution that may overturn the Federal Reserve and the fiat system in general.”

In a blog post dated February 2020, the Californian section of the Libertarian Party declared support for cryptocurrencies, referring to Bitcoin as the “greatest tool of human liberty that humanity has ever invented.”

The Libertarian also takes cryptocurrency contributions made through BitPay, which enables users to make payments in Bitcoin and other prominent cryptocurrencies.

Featured image from Freepik, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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