The Bitcoin ecosystem seems to be jumping leaps and bounds with each passing day as major countries seriously begin considering cryptocurrencies as a viable payment option. Although the spread has been slow, Bitcoin has certainly captured multiple markets across the globe.
As per new reports, Argentina was the latest country to join the Bitcoin roister as its Central Bank revealed plans for a new blockchain-based payments network. The bank has partnered with the popular IOV Labs to create a system that aims to help millions of citizens.
Sources close to the Central Bank of America have said that the bank will use the proposed network to analyze and survey the status of payment claims and settlements. This was done to boost transparency within an economic system that is known for tiring processes. IOV Labs, which has been making news in the Bitcoin space for some now also run other blockchain projects within the country.
With the latest system, the Central Bank stated that users would never need to worry about incorrect debits in their bank accounts. The upcoming network was created in collaboration with the Central Bank and the Blockchain Group, which includes organizations such as BBVA, ICBC and Banco Santander. Once the news was made public, IOV Labs CEO Diego Gutierrez Zaldivar said:
“We are convinced that the implementation of this type of platform will be able to build a collaborative ecosystem for the financial system as a whole according to the technological advance times in which we live and on a par with the most innovative financial systems in the world and given the circumstances that the world is facing, more than ever it is necessary to be able to use technology to optimize processes and provide better service to citizens.”
The collaboration involved bringing together different entities from various sectors of the financial industry. Since blockchain technology is still a relatively new concept, it took a lot of convincing before it could be implemented. At present, the blockchain solution was being tested by all the participating banks to see if they could solve process integrations problems.
The latest RSK-based proof of concept makes sure that there is interoperability between different controlled environments. This encompasses banks, private operators, public operators and fintech organizations. Officials close to the inner workings of the latest system stated that a holistic tie-up will grant access to payment processes from start to finish. IOV Labs, which is in charge of creating the Bitcoin-based technology, will also use Taringo for its large user base.