Youri Bebic, product manager and innovations for MoneyGram financial company, stated that the use of cryptocurrency is the prospect of international money transfers. The mechanism of modern transnational financial transactions is not based on the physical transfer of money, but on the use of pre-funded bank accounts.
"The money’s already there. We pre-fund bank accounts all over the world, and then we do value transfer,” Bebic clarified, indicating that such a method is much faster than transferring money.
The company representative believes that application of cryptocurrency could eliminate the need to create such pre-funded accounts. Cryptocurrency could be quickly transferred abroad and, using the stock exchange, converted into local currency, deposited into a bank account and issued to the client.
The main obstacle to the use of digital assets is the low liquidity of cryptocurrencies and the weak development of the infrastructure of the new industry in some regions of the world. However, the cryptocurrency is likely to become the future of remittances.
Bebic, in particular, confirmed that the joint project with the American FinTech company Ripple showed the huge potential of cryptocurrencies in the financial industry.