Cryptocurrency in the USA makes 15% of money transfers
One of the largest financial institutions in the United States, Bank of America filed a patent for the development of ATMs based on blockchain designed to process cash. According to the company’s report, the introduction of this technology will lead to faster, more efficient and secure transactions.
BOA is the second largest Bank in America. It has about 50 patents related to the development of a financial system using Distributed Ledger Technology, DLT. The financial institution also associated its latest innovation with DLT. According to the Bank’s management, its goal is to upgrade devices for cash processing based on blockchain.
The main reason for the use of the block chain is the elimination of communication difficulties encountered today in ATMs. Now this equipment is limited to communication with its specific financial institution, because it works only in its operating system.
DLT technology and the blockchain eliminate this problem, easing the problem of communication and more efficient tracking of transactions. If everything is up to schedule, the new ATMs will have these advantages because they will work in the same network of devices.
The Bank of America sees clear advantages in blockchain technology. Therefore, the company tries to adapt its innovations to its, frankly speaking, outdated monetary system.
By the way, Bank of America is a leader in the number of approved patents in the field of digital currencies and blockchain. Thus, in November 2018, the corporation received confirmation of the development of the device, which allowed corporations, including exchanges and custodial services, to store cryptocurrency assets of their consumers.
Cryptocurrency in the USA: payment processing and money transfers.
At the end of 2018, the audit company Clovr conducted a survey on money transfers among more than 700 users. And according to the data, 15.8% of people transfer funds from the USA abroad in cryptocurrency equivalent.
According to the results of the same survey, the five recipient countries of these currencies include Mexico, China, India, the Philippines and Vietnam. But European countries are not even included in the top ten.
50% of respondents use PayPal or WesternUnion for their transfers, 25% prefer the classic method – banks. But the remaining 15% fall on cryptocurrencies.
The analysis also showed that 10% of respondents are not satisfied with the use of Western Union due to inflated service fees when sending funds to Africa. Namely – up to 20% for one transfer.
Also according to the survey, of those who do not use virtual currency to transfer funds, 40% do not even know what it is. According to Clovr, consumers are concerned about the inability to buy ordinary goods for cryptocurrency, for example, the same coffee. The auditor believes that if Microsoft or Starbucks start accepting digital currency, it will increase the percentage of trust of the population and completely change the situation on the market.
By the way, the World Bank report says that in 2017 more than $150 billion was exported from the United States.