Visa plans to expand the use of cryptocurrencies in the payment network

The CEO of Visa spoke about the plans for cryptocurrency payments during a teleconference dedicated to the company’s financial activities for the first quarter of 2021.

In his speech, Visa CEO Alfred Kelly said that the company is ready to make cryptocurrency payments more secure and widely used by working with the company’s partners.

According to him, Visa plans to work with wallets and exchanges so that users can buy crypto assets. In addition, the company intends to provide users with the ability to cash out and make purchases in fiat currency using cryptocurrencies.

Kelly also voiced Visa’s position on digital assets. At the moment, the company distinguishes two classes of crypto assets: assets like bitcoin – “digital gold”, and assets backed by fiat currency, including stablecoins and digital currencies of central banks. He called the second category “a new payment innovation that could have the potential to be used in global trade.”

The CEO of Visa also said that the company can provide the opportunity to use cryptocurrency as a payment instrument without first converting it into a fiat currency for payments.

“It goes without saying that if a particular digital currency becomes a recognized medium of exchange, there is no reason why we can’t add it to our network, which already supports more than 160 currencies today,” Kelly said.

Recall that last summer, Visa planned to redouble its efforts to “shape and support the role of cryptocurrencies in the future of money,” and in December, the company proposed a method of offline payments in state-owned cryptocurrencies.