Argentine bank dumps SWIFT for Bitcoin is helping facilitate currency swaps
Despite the fact that the U.S. dollar is the world's recognized reserve currency, swapping out one's own domestic currency for another carries with it intrinsic costs. And this has always been one of the big benefits for the U.S. as it is able to grab a bit of 'vig' or interest on every transaction that goes through SWIFT.
So with this being said, the nation of Argentina is finding it less economical to use SWIFT at a time when their own currency is hemorrhaging value. And in a new report out on May 23, one Argentine bank has decided to bypass SWIFT and allow individuals, businesses, and entities to instead use Bitcoin as a medium of exchange since the cost of doing so will be much cheaper than the current standard.
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