Credit cards begin to recognize cryptocurrencies and digital currencies

in Steeming Community4 years ago

The payment card company Visa issued a statement informing about its position regarding cryptocurrencies, and assured that it will recognize all the variables of digital currencies and blockchain networks that its clients demand.

In the report published on its website, Visa confirmed that its focus on new digital assets is part of its categorization as a "network of networks", thus protecting not only existing cryptocurrencies but also the brand new central bank digital currencies. (CBDC), which have accelerated their developments in recent months.

According to the statement, the company bases its initiative on data protection, customer privacy and fairness between them in all its transactions. Furthermore, he emphasized that he will comply with all applicable laws.

On the other hand, the company stressed that it has experience in working together with exchanges - such as Coinbase - and that it will seek to "provide a bridge" between the crypto ecosystem and its traditional payment network. According to the report, more than 25 digital currency wallets were linked to its payment services, allowing its clients to spend cryptocurrencies using debit cards.

“Visa has become the network of choice for digital currency wallets, who are eager to deepen their value for users by streamlining and facilitating the spending of digital currency worldwide.”

In addition, the firm recognizes the concern of the political class and regulatory bodies on the matter, so it is committed to working "in close collaboration" with large companies and the public sector. In this regard, they noted the cooperation with the World Economic Forum and the joint development of recommendations for central banks in their careers towards CBDCs.

“We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. ”

Just a few days ago, Mastercard - Visa's main competitor - called on crypto companies to join its services. Through the “Accelerate” platform, the company will guarantee new partners a fast entry to the traditional market and continuous assistance to integrate their technology and take advantage of their cyber security.

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