Bitcoin Is Not A Payment System, Visa CEO

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Visa CEO is afraid that if he gives cryptocurrency business a hand, his side will fail. At least that is the message he is trying to send out. This week, the CEO said that bitcoin is not a payment method.

The world’s largest credit card company does not show any regard for digital coins. Of course, this is expected to know that they all offer the same services. But many people feel that Visa is too much. It is also hostile.

But for those who understand the business, know one thing. It is understandable that Visa would threaten or lobby for the closure of digital coins. In simple terms, it can do anything uncalled for to a company threatening its hegemony.

This time, Visa CEO has publicly claimed that bitcoin is not a form of payment. Nobody knows what this statement means. In as much as it is clear that it is not a payment method, many questions arise. If it is not a payment method, what is it?For many months even years, Visa has decided to keep silent. It is hard to find Visa speaking on the public domain about its stance. But the d-day came on Wednesday. The firm’s CEO was in an interview with CNBC. It is on this platform that the CEO showed the company’s anger. 

Alfred Kelly could not hide his thoughts anymore. After all, he should have said it anyway. When he was asked how his company views bitcoin, whether it is like pay per head, he said, “I don’t view it as payment system player. We at Visa won’t process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions.”

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That is a firm stance. Besides, when you listen to his words, it is the companies. Of course, he should speak as CEO of Visa and not like Kelly. He maintains that his company will no longer process digital-based transactions. The CEO’s statement is in line with what its subsidiary did a couple of days ago. More than a week ago, Wavecrest cut off debit card services. This move affected the company’s European digital coin companies. 

During that time, Visa denied claims that it was involved. Now it is clear that there is no friendship between the two transaction firms. By saying that they cannot process digital coins, it means they support Wavecrest.  Whichever the case, it is clear that Visa does not want any business with cryptocurrency companies.

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