People, it is now visa to Bitcoin and the broad cryptocurrency world. Yes, the payment giant, Visa, will now “allow the use of cryptocurrency USD Coin to settle transitions on its payment network”, reports Reuters.
Visa Inc said on Monday it will allow the use of the cryptocurrency USD Coin to settle transactions on its payment network, the latest sign of growing acceptance of digital currencies by the mainstream financial industry. […]
“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa, said.
Nigeria remains disconnected from this future after the Central Bank of Nigeria cut-off exchanges from the banking systems. You may wonder – why fight a battle you have no chance of winning? Today, with this addition, many young Nigerians will see Visa as offering an additional value proposition than the local competitors. And if that continues, the gap will widen. What an own-goal by Team Nigeria!
Cryptocurrency has taken another leap towards the mainstream, with Visa announcing it will allow “the use of cryptocurrency USD Coin to settle transitions on its payment network,” Reuters reports. It’s the latest major financial firm to dabble in digital currency, with companies including Mastercard, BlackRock and BNY Mellon also accepting digital coins. Meanwhile, Tesla boss Elon Musk announced last week that customers can now purchase its electric vehicles using Bitcoin. Such moves signal the growing acceptance and “legitimacy” of electronic coins despite ongoing skepticism.
I have expected that we will wake up one day to read a simple line from the apex: these are the rules and anybody who wants to do cryptocurrency must observe them. Nigeria must have the capacity to make those rules! Yes, have rules to mitigate any systemic risk but allow young people to go and win, or fail, but get better next time.
Click to join Tekedia Capital and build Next Africa with min of $10,000 co-investment in startups.