Bank in Argentina Launches BTC Settlement Services

A small bank from Argentina, Banco Masventas, announced this week that it’s allowing customers to make settlements using BTC as a payment rail. Argentina Banco Masventas says the firm partnered with the exchange Bitex, and believes the service will reduce costs associated with international transfers.

Also Read: Tim Draper Advises Argentina’s President to Invest in Bitcoin

Argentine Bank Provides Customers With a BTC International Settlement Service

On Monday, May 21 the Latin American exchange Bitex and the small financial institution Banco Masventas announced a partnership which will provide the bank with a new cryptocurrency settlement service now offered to its customers. The bank has been a financial entity located in the heart of Argentina for years offering banking solutions to individuals and businesses mainly in the Provinces of Salta. According to Banco Masventas Facebook and Medium announcement, it will be the first bank to offer settlement services using BTC.

“The service allows you to reduce costs associated with international transfers as there are no international banks as intermediaries,” explains the Bitex and Banco Masventas announcement.      

Our fund logistics solution allows reduced settlement times and send or receive transfers up to 24 hours.

Argentina Becomes More Friendly Towards Cryptocurrencies Every Day

If a Banco Masventas customer wants to utilize the BTC settlement service an account representative will help facilitate the transaction explains the bank. The financial institution also details that if an individual is a current account holder it’s likely they already qualify to use the BTC payment service. The bank announcement reveals the international transfer commission for BTC settlement is 3.00% + VAT.

Argentina government officials are very friendly towards public cryptocurrencies like BTC unlike neighboring countries such as Ecuador. Recently the Central Bank of the Argentine Republic (BCRA) allowed the installation of Bitcoin Automatic Teller Machines (BTMs) in the country and residents may see an influx of BTMs this year. Further last December Tim Draper told the Argentine President Mauricio Marci he should invest in cryptocurrencies. Digital asset proponents think the Argentina-based Banco Masventas creating cryptocurrency services will prompt other Latin American banks to follow the company’s lead.

What do you think about Banco Masventas allowing customers to settle in BTC as an alternative to Swift? Let us know what you think about this subject in the comments below.

Images via Banco Masventas, and Bitex. 

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