VISA CEO Says They Will Only Process Fiat Currency-Based Transactions

VISA CEO Alfred Kelly made a statement in a recent interview, saying the company “won’t process transactions that are cryptocurrency-based, we’ll only process fiat currency-based transactions.”

The CEO said this while responding to a question on cryptocurrencies and Bitcoin in particular on January 17. He explained that due to the erratic price fluctuations of Bitcoin, it does not qualify as a payment system player. Kelly also expressed that the cryptocurrency at the moment is only a little more than “a commodity that somebody could invest in, and honestly somewhat of a speculative commodity.” But few merchants today already accept virtual currencies as a form of payment.

In spite of the price fluctuations, many have predicted that the value of some digital assets may become stable enough in the future to serve as a medium of exchange – others even speculating that these may turn major financial institutions obsolete someday. Meanwhile, there are some who even believe that even if digital currencies eventually become more widely used than fiat currencies, the currently existing financial giants will find ways to stay relevant.