Home Business Visa may be waging war against bitcoin by rejecting it as Currency

Visa may be waging war against bitcoin by rejecting it as Currency

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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 decentralized 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. 

Bitcoin’s price is like a roller-coaster. It started last year below $1,000. In December, it surged to $20,000. After this week’s sell-off, bitcoin lost more than a half of its value since the record peak. On Friday it is on the rise again, clawing back $2,000 after it crashed below $10,000 on Wednesday.

Source: rt.com

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