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Western Union: bitcoin isn’t ready for international money transfer yet

Western Union: bitcoin isn’t ready for international money transfer yet

s bitcoin ready for primetime? Presenters at a recent Western Union conference didn’t think so. At its 2013 Consumer Protection & Compliance Conference last month, executives gave a presentation that said it wasn’t yet suitable for international money transfer. Are they right?

“My audience and the discussion for this slide was about retail consumer money transfer – remittances,” said Jay Postma, president of MSB Compliance Inc, a company that consults on compliance issues for money service businesses.

Bitcoin holds great promise for payments and settlement transactions, but it’ll take longer for it to catch on in the remittance market, he maintains.

One of the big sticking points is liquidity, he argues, adding that family support payments can currently only be useful once converted to local fiat currencies.

“We’re a long, long way from sending momma in Mexico $240 each month or a Somali family in a refugee camp $200 each month in bitcoin that is held in a wallet for conversion to local fiat currency and spending as needed,” he suggests.


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This entry was posted on November 1, 2013 by and tagged .

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