VISA CEO does not consider Bitcoin to be a “payment system”

18.01.2018 / 19:14

Rating:

From the inception of the crypto economy, the established banking and payment giants have been hostile towards the new market, and this hostility grew as the digital economy became bigger and bigger. VISA, the worldwide credit card giant, is also well known for its hostility towards Bitcoin.

VISA CEO Alfred Kelly put forth his views on Bitcoin, the original digital coin and still the market leader. Mr. Kelly said: “I don’t view it as a payment system player.” He also made it clear that VISA does not welcome the new crypto economy and will not process cryptocurrency transactions.

“We at Visa won’t process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions,” added the CEO. Mr. Kelly believes that Bitcoin is more of a commodity than a payment system, and its prices are driven largely by speculation.

It should be noted that in spite of all the warnings from Wall Street giants and even governments, the crypto economy is attracting more and more enthusiasts. In 2017 only, Bitcoin soared over 1000 percent despite the coin’s loss of more than a quarter of its value in the last couple of days. The entire digital economy has seen tremendous growth in the last few years and now values more than half-a-trillion dollars.

By the end of 2017, VISA’s partnership with many cryptocurrency payment service providers clearly showed that the credit card giant is slowly accepting the nascent digital economy. But within the first week of 2018, VISA started to cut its ties with cryptocurrency firms.

Source: Finance Magnates

Trader Bozhidar Arabadzhiev

Original post: VISA CEO Does Not Consider Bitcoin to Be a “Payment System”

Varchev Traders

Read more:

RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.

WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.

Varchev Finance

Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.

Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006

The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Disclaimer:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

VISA CEO does not consider Bitcoin to be a “payment system”

London

Universal numbers