Alfred Kelly. Source: a video screenshot, Youtube, Business Live ME.
Payments huge Visa has actually recommended that its venture into digital currencies is not over, and– although it is still distancing itself from cryptocurrencies– has actually confessed that it is open to the concept of going back to Facebook‘s Libra project.
In a virtual conference with JPMorgan that was transcribed here, Alfred Kelly, Visa’s Chairman and CEO, validated that the business was scared by the regulatory kickback versus Libra, commenting,
“At the time, we elected to not join the association because we didn’t see under that structure how regulatory requirements were going to be able to be met, and we certainly have a very strong relationship with regulators around the world, and we didn’t want to do any harm to those relationships.”
Nevertheless, Visa appears to have actually been eager not to sever its Facebook links, as Kelly discussed,
“We remain quite intrigued by Libra. We remain engaged, we continue to talk to Libra. I think they’re making progress. And one never says never. We continue to be very interested in what Libra is looking to do and how it potentially could be additive to the payment ecosystem.”
There was more excellent news for stablecoin operators, along with reserve banks now seeking to introduce main bank digital currency (CBDC) tasks– and wanting to employ the assistance of business like Visa.
The CEO stated that “It is essential to compare cryptocurrencies and digital currencies backed by a fiat currency. I believe digital currencies are a real possible emerging payments technology that might be extremely fascinating. We support their case.”
Nevertheless, he added that cryptocurrencies like Bitcoin (BTC) “continue to be more commodities”: “many more people are buying bitcoin and holding it versus actually spending on it.”
Kelly specified that what he called digital currencies might “bring people out of cash dependence and into more of the financial mainstream and moving unbanked people to become ideally banked people.”
He made reference of Visa’s collaboration with cryptocurrency exchange Coinbase‘s UK operations, where Coinbase-held crypto holdings can be “converted over to a Visa credential and a fiat currency” and utilized at stores that accept Visa.
“There’s no reason why we couldn’t take on digital currencies as part of that if they get accepted as a real means of exchanging goods and services.”
Visa notoriously stopped the Libra project in addition to a variety of other financial payments partners in fall in 2015. The business plainly stays dedicated to “digital currencies,” with the United States Patent and Hallmark Office last week published a Visa- signed up patent application for a blockchain-powered “digital fiat currency” system.
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