Login to your account

Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *
Captcha *
Reload Captcha

Visa CEO is warming to the Libra project

Written by  May 19, 2020

Payments giant Visa has suggested that its interest in digital currencies is not over, and – although it is still distancing itself from cryptocurrencies.

After admitting that it is open to the idea of returning to Facebook’s Libra project.

In a virtual conference with JPMorgan that was transcribed here, Alfred Kelly, Visa’s Chairman and CEO, confirmed that the company was spooked by the regulatory kickback against Libra, commenting,

“At the time, we elected to not join the association because we didn't see under that structure how regulatory requirements were going to be able to be met, and we certainly have a very strong relationship with regulators around the world, and we didn't want to do any harm to those relationships.”

However, Visa appears to have been keen not to sever its Facebook links, as Kelly explained, “We remain quite intrigued by Libra. We remain engaged, we continue to talk to Libra. I think they're making progress. And one never says never. We continue to be very interested in what Libra is looking to do and how it potentially could be additive to the payment ecosystem.”

Advertisement

There was more good news for stablecoin operators, as well as central banks now looking to launch central bank digital currency (CBDC) projects – and hoping to enlist the support of companies like Visa.

The CEO said that "It's important to distinguish between cryptocurrencies and digital currencies backed by a fiat currency. I think digital currencies are a real potential emerging payments technology that could be very interesting. We support their case.”

However, he added that cryptocurrencies like Bitcoin (BTC) "continue to be more commodities": "many more people are buying bitcoin and holding it versus actually spending on it."

Kelly stated that what he termed digital currencies could “bring people out of cash dependence and into more of the financial mainstream and moving unbanked people to become ideally banked people.”

He made mention of Visa’s partnership with cryptocurrency exchange Coinbase’s UK operations, whereby Coinbase-held crypto holdings can be “converted over to a Visa credential and a fiat currency” and used at stores that accept Visa.

He commented, “There’s no reason why we couldn't take on digital currencies as part of that if they get accepted as a real means of exchanging goods and services.”

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

crypto_mixed_coinsAlso see: Tips To Trade The Volatile Crypto Market

Do you find this article useful? Comment below...

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Follow Us

Advertisement

Ethereum Price

Popular in Alt Coins

Jun 08, 2020

Tron CEO is to make an exciting announcement today, but what is it?

The CEO/founder of the Tron project, Justin Sun took to Twitter at the end of last month to announce that there will be ...

May 08, 2020

Monero: Private cryptocurrency of the future

Monero is a cryptocurrency for those who value their financial privacy; besides being private it is also decentralised a...

Mar 16, 2020

What is Tron (TRX)?

Tron is a blockchain-based technology that struggles to build a digital content environment using a peer to peer decentr...

Jan 17, 2020

Dogecoin: A bit of Cryptocurrency fun

To make the cryptocurrency market a more fun environment, Jackson Palmer founded Dogecoin as the result of a joke in Nov...

Jan 24, 2020

The History of Ethereum

In late 2013, Vitalik Buterin was working on the Mastercoin project. Being an early Bitcoin enthusiast, he envisioned bl...

Apr 23, 2020

Libra could encourage Crypto adoption say Binance

Crypto industry might really benefit from Facebook's Libra coins adoption, according to recent Binance Research. ...

May 19, 2020

Visa CEO is warming to the Libra project

Payments giant Visa has suggested that its interest in digital currencies is not over, and – although it is still dist...

Feb 03, 2020

The Pros of Dash

We can see that Bitcoin and most cryptocurrencies have evolved since they first appeared some years back, but most of th...

May 07, 2020

Can Ethereum get past $210 & $220?

Ethereum is struggling to gain bullish momentum above the $210 and $220 resistance levels against the US Dollar. ETH pri...