Visa does not recognize bitcoin as a means of payment

The Visa payment system will not accept transactions that go beyond traditional payments. According to the company's management, Bitcoin is not one of the secured currencies and is a speculative financial instrument

Visa CEO Alfred Kelly said that he does not consider bitcoin as a “payment system player” and does not consider it a means of payment. “We will not process cryptocurrency transactions. Visa only deals with fiat money,” Kelly said. Also, the head of the company noted that bitcoin is rather a speculative commodity for investment.

Recall that the international payment system Visa ceased cooperation with the WaveCrest platform at the beginning of this year. WaveCrest's services were used by many trading platforms that issued cryptocurrency debit cards. These exchange platforms include Bitwala, Wirex, TenX and BitPay. 

Some government and financial institutions are trying to keep their distance from digital currencies. Bank of America CEO Brian Moynihan responded to a question about cryptocurrencies after the financial giant banned its advisors from making bitcoin-related investments for the bank's clients. “We told clients they could transact in cryptocurrency, but not in Merrill Lynch accounts.”  

Cryptocurrency investors believe that leading financial institutions have a negative perception of digital currencies and blockchain because they see them as competitors. And Visa may have cause for concern. Thus, Australian developers claim that the blockchain system they created processes transactions ten times more efficiently than Visa. And Ethereum founder Vitaly Buterin said that in a couple of years blockchain will be comparable to Visa. 

According to hightech