Friday, January 19, 2018

Visa puts the hammer down on using Bitcoin or any cryptocurrency in wire transfers or as a medium of exchange

One of the world's largest payment platforms is laying down the law when it comes to recognizing Bitcoin or any other cryptocurrency as money.  And in a interview on Jan. 19 with CNBC, the CEO of Visa bluntly stated that they won't be accepting Bitcoin as a viable currency option for wire transfers or as a medium of exchange.

In fact Visa's CEO Alfred Kelly went so far as to state that Bitcoin is not a currency.

The largest cryptocurrency, bitcoin, is a commodity and not a payment system, according to Visa’s chief executive. Visa will also not give bitcoin or other cryptocurrencies a platform for wire transfers and exchanges. 
“I don't view it as payment system player,” CEO Alfred Kelly told CNBC. 
“We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” he added. Visa is the world's largest credit card company. 
Bitcoin was originally created as an alternative de-centralized currency. However, with its 2,000 percent growth last year, it has become a source for speculators to make a quick buck. As bitcoin turnover grows, it faces problems like high fees, astoundingly slow transactions and volatile prices. 
“My take is that bitcoin is much more today a commodity that somebody could invest in; and honestly, somewhat of a speculative commodity,” said Kelly. 
Earlier in January, Visa terminated cooperation with a debit card provider called WaveCrest, which issued cards associated with cryptocurrencies and facilitating ways to buy and sell them. Visa said the crypto-cards had been suspended for “continued non-compliance with our operating rules.” – Russia Today
Bitcoin could have benefited greatly through a partnership, or even basic acceptance by the world's leading payment processing companies since their own blockchain platform has to date failed to provide timely and cost effective alternatives to the ones used by Visa that right now support fiat currencies transactions.

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