“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 de-centralized 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.
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Article source: https://www.rt.com/business/416395-visa-bitcoin-war-payment-system/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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