In a question and answer session at the JP Morgan Annual Tech Conference, the head of Visa admitted that cryptocurrencies are complementary to its current payment systems — not competitive.
Ryan Todd (@_RJTodd), who reported on Visa’s acknowledgment of digital currencies, added that the total stablecoin value has hit ten billion dollars last week.
Tether has taken the lion’s share of the total stablecoin market cap, but many others are seeing increased demand and growth this year.
JP Morgan analyst Tien-Tsin Huang asked Visa about the corporation’s general strategy in regards to digital currencies and stablecoins.
Visa CEO Alfred F. Kelly responded saying that digital currency backed by fiat is a very real potential emerging payment technology.
More interestingly, however, he went on to state;
We actually think that digital currencies could be additive to the payments ecosystem as opposed to being any kind of replacement or negative.Kelly added that Visa currently deals in 160 different currencies around the world, and there is no reason why cryptocurrencies could not be taken on as part of that.
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Martin Young
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.
Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
Martin Young is a seasoned cryptocurrency journalist and editor with over 7 years of experience covering the latest news and trends in the digital asset space. He is passionate about making complex blockchain, fintech, and macroeconomics concepts understandable for mainstream audiences.
Martin has been featured in top finance, technology, and crypto publications including BeInCrypto, CoinTelegraph, NewsBTC, FX Empire, and Asia Times. His articles provide an in-depth analysis of...
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