Visa CEO Suggests Libra Will Return, Claims Bitcoin Is Commodity

The Visa CEO suggests Libra will return as he says he leaves the door open for the cryptocurrency, while Bitcoin is considered as a commodity. In today’s Libra news, we find out more about the comeback of the digital asset.

The payments giant Visa suggested that its entry in digital currencies is not over despite the fact it is distancing itself from cryptocurrencies and the Visa CEO admitted that it is open to the idea of Libra returning. During a virtual conference with JPMorgan, Alfred Kelly, the chairman, and CEO of Visa confirmed that the company was spooked by the regulatory pushback against Libra commenting:

 “At the time, we elected to not join the association because we didn’t see under that structure how regulatory requirements were going to be able to be met, and we certainly have a very strong relationship with regulators around the world, and we didn’t want to do any harm to those relationships.”

Visa seems to be keen not to sever the Facebook links as Kelly explained:

 “We remain quite intrigued by Libra. We remain engaged, we continue to talk to Libra. I think they’re making progress. And one never says never. We continue to be very interested in what Libra is looking to do and how it potentially could be additive to the payment ecosystem.”

There is some more good news for the stablecoin operators as well as central banks now looking to launch the central bank digital currency projects hoping to enlist the support of the companies such as Visa. The CEO said that it is extremely important to make a difference between cryptocurrencies and digital currencies backed by a fiat currency. The digital currencies have real potential into the emerging payment technology which could be interesting and is why they support the case.

He added that cryptocurrencies such as Bitcoin continue to be more commodities and many people buy bitcoin and hold it versus spending it. He mentioned the Visa partnership with the major Coinbase exchange UK operators whereby Coinbase-held crypto holdings can be converted to a Visa credential and fiat currency which will be used at stores that accept Visa:

 “There’s no reason why we couldn’t take on digital currencies as part of that if they get accepted as a real means of exchanging goods and services.”