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wilslaw

Crypto is not a big threat, says Visa CEO Al Kelly

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Al Kelly, the CEO of Visa recently claimed that cryptocurrencies are no threat. His statement was backed up by his pronouncement that Visa might not enter the crypto sector for a long time.

 

Al Kelly while discussing with Jim Cramer said that Visa would wait for digital currencies to become established payment systems. In addition, Kelly maintained the fact that crypto markets have to become established and developed as payment systems: “I think there has to be some market that it becomes somewhat like a fiat currency in order for us to be comfortable. If it goes in that direction, we will move in that direction. We want to be in the middle, Jim, of every payment flow in the world regardless of how it happens or what the currency is behind it. So if we have to go there, we will go there. But right now, it’s more of a commodity than a payment vehicle.”

 

Visa deals in fiat currency based systems, issued and backed by the government of different countries. Also, the exchange rate of these currencies are not as volatile as crypto coins. On the other hand, Government authorities do not issue cryptocurrencies. Cryptocurrencies are blockchain based, while some are based on physical commodities such as gold and silver, and others are viewed to have inherent value.

 

There are few digital currencies called stablecoins that are issued against other fiat currencies and the US Dollars. The newly released Gemini Dollar (GUSD) is an example of such a coin. 

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