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Visa to do Bitcoin Business

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Bitcoin Business

Visa to do Bitcoin business

Visa CEO Alfred Kelly said his company intends to get serious about the Bitcoin (BTC) business. He also added that he is already establishing partnerships in both the cryptocurrency and stablecoin sectors, while developments with cash are not provided. 

Bitcoin business

Speaking on the Fortune podcast, Kelly expressed the opinion that the coronavirus pandemic has hit cash hard:

Cash and checks will still be in use for some time, but I think their use will decline at an accelerated rate due to the pandemic.

The top manager believes that Visa should be at the center of the crypto industry, even if the fate of coins like BTC is not entirely clear. Here he again tried to draw a line between the so-called “digital currencies” backed by fiat (stablecoins) and more speculative assets – crypto assets, and mainly BTC.

At the same time, Kelly still called the coin digital gold and outlined Visa’s plans for the main cryptocurrency:

We are trying to authorize the purchase of bitcoins for Visa credentials. Working with some bitcoin wallets, we will allow the conversion of bitcoin to fiat currency.

According to him, this will allow “the use of BTC in any of the 70 million points around the world where Visa cards are accepted.” To implement this idea, according to Kelly, Visa is currently working with about 35 different players.

Kelly concluded by saying tokens pegged to fiat currency have great potential to become a new means of payment and act as a catalyst in emerging markets around the world.

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