Visa will not process any cryptocurrency transactions

Visa has stated it will not process any cryptocurrency-based transactions, due to the asset’s speculative and volatile nature. The company will only process fiat currency-based transactions, said Visa CEO Alfred Kelly in an interview with CNBC..

“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. Due to the price fluctuations of cryptocurrency in relation to fiat currency, Kelly said Bitcoin and Ethereum do not qualify as a payment system player..

The volatility of cryptocurrency makes it difficult to serve as a medium of exchange, but blockchain developers are attempting to solve this problem through the use of “stablecoins”. These cryptocurrencies are backed by collateral and are tethered to price of fiat currencies like the US dollar..

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Source: mybroadband.co.za