Visa gives green light for cryptocurrency to welcome supporters again

&Surge, collapse, bifurcation In recent years, the cryptocurrency represented by bitcoin has been in constant turmoil, and its legal existence has been questioned. However, after CEO musk announced that his Tesla company supports bitcoin payment, cryptocurrency has ushered in a “supporter”.

On Monday local time, credit card giant visa said it would allow customers to use the cryptocurrency “USD coin” (hereinafter referred to as “usdc”) to settle transactions on its payment network. Some see this as the latest sign that the mainstream financial industry is increasingly accepting digital currency.

It is understood that usdc is a stable currency and its value is directly linked to the US dollar. Visa said it had worked with anchorage to launch a pilot program to allow The platform sends the usdc to visa to settle part of the accounts payable for visa card items.

At the same time, the plan will provide the service to more partners later this year. It is understood that anchorage is the first federally licensed digital asset bank in the United States and the exclusive digital currency settlement partner of visa.

Cuy Sheffield, head of virtual currency at visa, said, “in the past, if a customer chose to pay for a cup of coffee with a visa credit card, the digital currency in the cryptocurrency wallet needed to be converted into traditional currency. The company is aware of the global consumer demand to acquire, hold and use digital currency, and the user demand is enough for us to build products. “

In the past, when visa paid in digital currency, it needed to convert it into equivalent legal currency for clearing. After the end of the trading day, visa would deposit the legal currency in the bank account. But now visa and The cooperation will eliminate this link and directly use and support the storage of digital currency. The cooperation will also directly open up the payment channels of digital currency.

Affected by the news, bitcoin, the representative of cryptocurrency, once jumped to US $58300, with a maximum increase of 4.5%, reaching a one week high, and rebounded to a record high of US $61000 hit earlier this month. In addition, Data show that the news also pushed the global market value of cryptocurrency up 3.7% to $1.82 trillion.

On how visa supports cryptocurrency and its future plans, Beijing business daily contacted visa, but as of press release, no reply has been received.

It is worth mentioning that there are signs of cooperation between visa and anchorage this time. Last week, Al Kelly, visa’s chief executive, gave an in-depth look at credit card companies’ cryptocurrency focused strategy in a program.

At that time, Kelly divided visa’s prospects into bitcoin and digital currency backed by legal currencies such as the US dollar. “We see the great potential of digital currency as a new payment instrument, so we are working with about 35 different players in this area,” he said. It is understood that the above cooperation objects include but are not limited to coinbase , blockfi and bitpanda, which have more than 50 million active users.

Some people think that visa’s move shows that the new way of digital currency is being welcomed by the market, and also shows the trend of centralized integration of digital currency and traditional financial services.

In fact, visa is not the only big company that supports cryptocurrency payment in the near future. Nowadays, more and more mainstream investors and companies accept cryptocurrency.

As a long-time “supporter” of cryptocurrency, musk said last week that customers can use bitcoin to buy Tesla’s electric cars, and the documents on Tesla’s US official website also updated the information about using bitcoin to pay. The document shows that only the U.S. region currently accepts bitcoin payments, and it will consider expanding to other markets in the future.

MasterCard, another credit card giant, also announced in early February that it plans to use cryptocurrency as a new resource for transactions later this year. In early March, Goldman announced that it would restart its cryptocurrency trading unit due to increased demand from institutional clients.

In addition, other financial services companies have followed suit, including bny Mellon and BlackRock.

Some analysts pointed out that the success of visa’s experiment, on the one hand, broke all kinds of barriers of traditional transactions, on the other hand, reduced the handling charges and complexity of the transaction center. More importantly, visa’s cooperation has laid a foundation for the circulation of central bank’s digital currency.

Yang Shuiqing, assistant researcher of American Research Institute of Chinese Academy of Social Sciences, said in an interview with Beijing Business Daily that compared with Tesla and other enterprises supporting cryptocurrency payment, credit cards such as MasterCard and visa support settlement more directly. “This action can be seen as a signal or a test.”

For a long time, with the market demand, the efforts of the industry, the continuous supervision of the government, cryptocurrency is trading in the continuous struggle among the three parties.

Yang Shuiqing went on to point out that the U.S. government has not let go of cryptocurrency, while the U.S. market is ready to establish regulatory measures for stable currency. Powell, chairman of the Federal Reserve, also said that unlike the current dollar with the value support of the Federal Reserve, private cryptocurrency as a value symbol is not really useful, but more a speculative asset.

“We don’t have to rush into digital money, and the Federal Reserve doesn’t need to be the first central bank to launch digital money.” Powell said.

Beijing Business Daily reporter Tao Feng Zhao Tianshu

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