Bitcoin Is ‘a Mechanism of Money Transfer Rather Than a Currency in and of Itself’
South African payments gateway PayFast added bitcoin as a payment method on its platform in July of last year, partnering with the BitX exchange and allowing buyers to make purchases using bitcoin at over 30,000 online sellers, who receive the South African currency rand in return. CoinTelegraph caught up with PayFast Managing Director Jonathan Smit to find out how it was going so far and what the future holds for bitcoin in Africa. “As far as bitcoin is concerned, remittances are far more interesting due to their transfers being virtually instant and borderless, which is very useful for....
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The South Korean government will issue permits to FinTech firms including bitcoin mediated foreign currency transfer services to enable international money transfers for small funds. Come August 15, about 40 FinTech firms are expected to launch international money transfer services after receiving permits from the Financial Supervisory Service, South Korea’s financial regulator. According to the Korea Herald, the permitted amount for a one-off transfer via a FinTech firm will be $3,000 or less. The annual limit for a single account will be capped at $20,000 for transfers through FinTech....
The Central Bank of Nigeria has passed a rule that leaves most Nigerian money transfer operators unable to provide services to that country, making bitcoin a more valuable remittance tool, according to The Daily Post Nigeria. Only three companies – Ria, Money Gram, and Western Union – can continue money transfer operations. Nigerians using these services will have to pay high fees for sending money across international borders. Hence, bitcoin offers a solution since it allows people to send any amount anywhere at any time at negligible cost, usually in less than five minutes. Fiat....
Brazilian soccer club CR Vasco da Gama and crypto exchange Mercado Bitcoin are looking to tokenize early-career transfers in the soccer world. Vasco da Gama, one of the leading teams in Brazilian football, and Mercado Bitcoin, one of the largest cryptocurrency exchanges in Latin America, have announced plans to tokenize the rights of the solidarity mechanism of FIFA.The FIFA Solidarity Mechanism is a part of the FIFA Transfer Regulation, which acts as a selling right for a player and encourages clubs to develop young players. Through this mechanism, up to 5% of the total value of each....
The Bitcoin software park is enriching with upcoming apps that convert fiat currency to Bitcoin, transfer it and reconvert it to fiat, all in a single step. Who needs a money transfer service, when you can just download an app? With Bitcoin being around for a few years now, one would have expected remittance services to begin to adopt it for their own business, but somehow this didn’t happen. Meanwhile, the Bitcoin software ecosystem keeps expanding, and another killer app seems to be on the horizon. “Using the blockchain and a local currency in/local currency out vision, we will make....
Sending money from Europe to the rest of the world remains a very costly affair. Money transfers and blockchain technology are two peas in a pod these days. Tempo Money Transfer, a company, focusing on remittances from Europe, integrated with Stellar. By using this technology, users can send remittances through the Stellar e-wallet. An excellent example of how blockchain technology can benefit all parties in a financial transaction. As a result of the partnership, Tempo Money Transfer clients can send global remittances from anywhere in Europe. They can do so through the Stellar e-wallet,....