Let me paint the scenario for you
Let assume i want to send 2,000 yuan to china.
- I simply walk to the bank and request for a transfer of 2,000 yuan
- The bank simply deducts the naira equivalent from my account.
- The bank in turn now sends an equivalent in crypto currency to the beneficiary bank in less than 30 mins .
- The beneficiary bank upon receipt of the crypto currency then converts to the countries currency and then credits the account of the recipient.
All this can be done in less than 30 mins at most 1 hour.
Bank of America is in the forefront of adopting and implementing this technology to their system and hopefully other banks all over the world will follow suite.
This i believe is a way forward for banks all over the world if they still want to remain relevant as far as wire transfer is concerned.