Western Union, Colorado-based financial institution, considers the use of cryptocurrency as a main stage of further development. The President of Western Union Global Money Transfer, Odilon Almeida, said in the interview that the company is seeking new ways of adopting crypto and blockchain for improving delivery service and to let customers get fiat currencies in exchange for cryptocurrencies.
Talking about cryptocurrency regulations and restrictions, Almeida named three biggest obstacles which blocked global crypto adoption, they are governance, volatility, and compliance. He also mentioned stablecoins which was working to solve the volatility on the market.
“Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency. I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch.”
Odilton also recalled the situation with Ripple, he claimed that the tests of cross-border payment system have been conducting for more than half a year, though the company still does not see the efficiency of implementing Ripple. But he stayed optimistic about Ripple and its further integrating.
“Our pilot with Ripple goes into the same space. It’s about learning. We are looking at blockchain technology and really seeing if it can make us more efficient,” he explained in the video.
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