Cryptocurrency has been a hot topic since its beginning in 2009 but the corona outbreak has given it a newfound recognition, and now more than ever companies are starting to adopt it as the currency of the future. Visa has listed itself among some of the big corporations to announce that it plans to support BTC and other cryptocurrencies as well.
What Visa Said’
In a recent official blog post titled “Advancing our approach to digital currency” in which they discuss ‘Visa’s outlook on new digital currency payment flows’, the MNC-Visa acknowledges that digital assets will play an important role in the future of money. The blog read, “The concept of digital currency — or a digital version of cash controlled by a private key — was created more than a decade ago, with the launch of Bitcoin.”
Role of Stable coins
“Today, fiat-backed digital currencies commonly referred to as “stable coins” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar.”
This is not the first time
Don’t be fooled by the blog post and think this is Visa’s first endeavor in this area because the payment giant has already been active in the crypto sphere. Visa has been working with a cryptocurrency exchange since early 2019 and the startup Fold since April last year. It seems like the company will continue to expand its place in the world of cryptocurrency.
What should be looked forward to?
The company looks forward to fintech integrating with its global network of about 61 million merchants and has declared that it will extend its services to digital wallets through its FastTrack program.
Looks like more good news is on the horizon for the world of cryptocurrencies from the financial corporation. The company has said that these are only the first steps and that Visa plans to amplify and develop more support for crypto assets and more announcements regarding digital currencies coming soon.
What Visa has to say?
The company’s blog talked about this, stating, “We’ve been advancing and evolving our digital currency strategy for quite some time. Last year we made an investment in Anchorage, a company building security infrastructure for the digital currency ecosystem”.
They further explained, “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. We look forward to sharing more with you on this work in the months that follow.”
Action Plan
According to their blog post, Visa has also been talking to policy leaders and regulators about the possibilities of cryptocurrencies as authorities continue to have various doubts regarding the misuse of digital assets.
As part of this [its] public sector policy, Visa has been engaging with policymakers and global organizations to help shape the dialogue and understanding of digital currencies. This includes the work with the World Economic Forum and their collaboration on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC).
The Wrap Up
This announcement spells only good things about the cryptocurrency sphere as it means that even though many people disregard any potential future of cryptocurrencies, the backing of multinational corporations will give a huge boost to the stability of cryptocurrencies. The trend is positive, and the prices of cryptocurrencies speak for themselves. The cryptocurrencies are here to stay for the long run and their potential should not be undermined only by seeing a few fluctuations. Those who believe in it are surely reaping its excellent benefits.
