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Visa Approves Crypto as a means of Transaction

By Damilola Adeyemo

LAGOS – Cryptocurrencies has been approved by visa to be a mode of payment and settling transactions.

The report states that Reuters the crypto asset being used is the USDC stablecoin crypto whose value is pegged directly to the greenback. “We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of the crypto at Visa, said.

During Visa’s fiscal first-quarter 2021 earnings call, the CEO of Visa described crypto assets like bitcoin as “digital gold” which are “not used as a form of payment in a significant way at this point.” “Our strategy here is to work with wallets and exchanges to enable users to purchase these currencies using their Visa credentials or to cash out onto our Visa credential to make a fiat purchase at any of the 70 million merchants where Visa is accepted globally,” Kelly said. The payments executive also said stablecoins could be used for “global commerce” and “digital currencies running on public blockchains as additional networks just like RTP or ACH networks.”

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