A UK finance association appreciated the technology on which Cryptocurrencies are working, as an alternative to traditional settlement processes.
The International Association of Money Transfer Networks (IAMTN) is a non-profit membership organization. This organization represents payment service providers globally. It works closely with governments, regulators, regional associations, and private companies to promote the creation of safer, reliable, faster, cheaper, transparent, and inclusive international payments.
IAMTN did a study on crypto & blockchain technology and found that crypto-backed Blockchain technology bears huge potential and it can eliminate the middleman actors of the payment system, so basically it will kick out the delays associated with the payment system & further can make transactions efficient.
The organization directly appreciated the role of Cryptocurrencies in the payment systems and said that the use of crypto in payment may be a good option over the traditional payment systems.
“The use of cryptocurrencies for the settlement of transactions can be a good alternative to traditional settlement processes.”
Further finance organization said that people will not be required to go through the banking system, which requires hours to complete the settlement.
“(Blockchain) allows to settle transactions instantly on a blockchain, without the need to go through the correspondent banking system, with its limited opening hours and long processing times,” the report said.
Interestingly, Here IAMTN study noted that the introduction of blockchain technology in the payment system should happen in the corresponding cross-border payment systems alongside the traditional banking system. So here the finance organization tried to bring the clarity that it doesn’t want to see a situation where crypto should be directly introduced into the existing traditional system. In short, the organization doesn’t want to see a sudden disturbance in the traditional banking infrastructure.
This study also noted that Blockchain & crypto technology use in the payment system or other kinds of technologies is a challenging thing in the majority of the regions in the world because of the existing strict laws.
IAMTN report suggested lawmakers do fast to allow the use of blockchain and crypto technology.