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MoneyGram exec: "highly probable" that crypto is the future of finance

www.chepicap.com 11 June 2019 06:50, UTC
Reading time: ~2 m

During a recent interview with The Institute for Robotic Process Automation and AI, MoneyGram’s global head of product and innovation Youri Bebic stated cryptocurrencies are very likely to be the future of cross-border money transfers.

Bebic explains that MoneyGram doesn’t actually move money across borders when a client requests an international money transfer. Instead, the company pre-funds bank accounts internationally. He continues, stating that while they’re more interested in blockchain, they have dabbled with cryptocurrencies:

“We did a proof of concept with one cryptocurrency. We made a press release so I can mention that it was with Ripple where we are trying to see if we can use cryptocurrency for liquidity in the markets. The big secret on money transfer is that money doesn’t move, money is already there.”

He continues, stating that if he were to transfer money from one country to another and then physically move the money, it would take a lot of time. To remedy this, Bebic states that if cryptocurrencies are able to scale and if the markets have enough liquidity, it could remove the need to pre-fund bank accounts.

Then, exchanges would be able to sell cryptocurrencies against their local fiat currency and deposit that into a bank account.

“We are obviously looking into that. We are running some pilots and trials and I do believe that it is highly probable that this is the way money will move in the future.”

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