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German online bank uses Bitcoins to transfer loans

BERLIN: German Radoslav Albrecht has founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin. Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend money across the globe rapidly and at low cost. “Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” Albrecht told a UK wire-service in his office in Berlin’s fashionable neighborhood Prenzlauer Berg. “With Bitbond, payments…