Visa will not process any cryptocurrency transactions

"These cryptocurrencies are backed by collateral and are tethered to price of fiat currencies like the US dollar."

Can anyone unpack this for me? Smells like irony.

There was a fake news article last year IIRC that Ripple/VISA was entering into a partnership. Maybe not so fake after all? That way, VISA doesn't have to worry about crypto, Ripple XRP will do it all for them :p Just saying tongue in cheek though.
 
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Bobbin said:
"These cryptocurrencies are backed by collateral and are tethered to price of fiat currencies like the US dollar."

Can anyone unpack this for me? Smells like irony.
Click to expand...

Read the previous paragraph, it's in reference to “stablecoins”.
 
Well of course they won't, it's the biggest single threat to their continued existence, LOL.

I think there is a subtlety here that needs pointing out - they probably mean that they will never denominate transactions in cryptocurrency instead of fiat, not that they will block any transaction that somehow relates to cryptocurrency.
 
Where does that leave BTC based debit cards like Wirex, Bitpay, Cryptopay? They're all Visa cards ...

EDIT: oh nvm, they won't process transactions directly in BTC currency, all those cards require conversion to some fiat anyway, so nothing new
 
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