Visa chief outlines cryptocurrency strategy

Visa plans to bolster security and broaden the use of cryptocurrency-enabled transactions. This was stated by Visa’s CEO, Alfred Kelly, during an investor conference discussing the company’s first-quarter fiscal-year results, as reported by The Block.

The head of Visa plans to forge partnerships with wallet providers and exchanges. This will allow customers to buy and sell cryptocurrencies, as well as to use them for purchases settled in fiat.

“The Visa network supports 160 currencies. There is no reason why we should not broaden this list with a particular digital currency. This will happen if it becomes a recognised means of exchange,” he emphasised.

Kelly differentiates digital assets into two distinct classes. Bitcoin, in his view, is digital gold. Central bank digital currencies (CBDCs) and fiat-backed stablecoins fall under the definition of “a new payment innovation”. The latter have potential for use in global e-commerce.

The Visa CEO also admitted the possibility of using cryptocurrencies as a payment option without converting them to fiat.

In November 2020, Visa abandoned its planned acquisition of fintech startup Plaid after DOJ inquiry.

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