Alfred F. Kelly, Jr., the Chairman, and CEO of Visa, shared his thoughts on digital currencies in an interview early this month.
Kelly’s comments came in an interview with Carl Quintanilla at CNBC Evolve Summit.
One interesting question asked by Quintanilla was,
The Visa CEO replied:
“Crypto is a developing part of payments in the world. It’s in a very nascent stage right now, and we’re very interested in cryptocurrencies. We’re not as interested in Crypto that is more of a commodity-based play. So, we’re interested in Crypto that ultimately becomes fiat-based, so there’s a clear understanding of the value when there’s an exchange of Crypto to purchase a good or service.
“We’re working with about 25 crypto players already in the world today, Carl, where we’re facilitating putting a Visa credential in their system where you can convert your crypto-based on a fiat currency and put the funds in a wallet where you can use them at anywhere Visa is accepted, and it’s a way of making those funds across our network.
“The other thing that’s happening is central banks around the world are looking at central bank digital currencies. They are in the early stages, probably China’s the furthest advanced, but we expect to work with central banks worldwide on how we can help those central banks as they develop a digital currency for the future. Ultimately I can see digital currencies running on our Visa network on a more regular basis.
“I think it’s several years out, but we’re certainly open to any vehicle that helps facilitate the movement of money around the world; we want to be in the middle of it. And I think Crypto can have a player role especially in countries that are emerging markets where there’s a lot of underbanked and unbanked people in the world and we think that number is about 1.7 billion people on the face of the earth that are not banked in the mainstream banking system in whatever country they happen to live in, including some here in the United States.”
From the stated remarks, it looks like that when the Visa CEO says that his firm is interested in cryptocurrencies, he implies the fiat-backed stablecoins.