This got me thinking…India is going big on Bitcoin so what about asking suppliers in India if they will accept bitcoin in exchange for their imported products instead of following the often-times cumbersome Forex outward T/T procedures of the banks.
Some banking systems could involve various steps to perform a foreign payment, and onerous document reporting requirements. Such payments could take anything from 15 to 30 minutes to complete. Imagine in a large importing concern paying multiple suppliers daily, how much time could be saved by simply making Bitcoin payments in under a minute each.
The added benefit would be a 10 minute confirmation (clearing) time using Bitcoin opposed to the 2 to 3 day waiting period with the banks from date of outward T/T instruction.
Another benefit is a further layer of anonymity, whereby if you pay via Bitcoin, your bank doesn’t have to receive the details of your supplier and risk having one of their employees disclose