Crypto Uptake in Cross-Border Payments Remains LowMarket Talk
Blockchains and cryptocurrencies could speed up cross-border payments but uptake so far remains low, iBanFirst chief executive Pierre-Antoine Dusoulier says. That's because there aren't enough individuals and financial institutions equipped to carry out such transactions, he says. The use of crypto in cross border transactions requires various mechanisms to pay, receive and change the digital asset into local currency. "That makes it more complicated so people are not willing to do it." Crypto payments are mainly used in areas where it's difficult to work with banks or currencies are volatile such as emerging markets, he says. However, many of those countries want to protect their own currencies so at some point "won't be happy" with crypto transactions. ([email protected])