Many Bitcoin enthusiasts have a lot of expectations with Western Union regarding it accepting the digital currency. It could be big move that can take the acceptance and reach of Bitcoin to the next level. Giving a sort of affirmation that the organization may think of adopting the digital currency, CEO Hikmet Ersek said it may think if Bitcoin becomes a regulated currency.
Hikmet Ersek was speaking on Wednesday with Bloomberg’s ‘Street Smart’ program hosted by Trish Regan. The Western Union CEO made some interesting comments on the topic of Bitcoin and did not rule out that his organization may embrace the digital currency depending upon the legal status or legal views by the authorities.
Ersek suggested beliefs that his company, a leader in money remittances, could look to adopt Bitcoin if customers demand it. Thus, it looks like he wants to throw the ball in the customers’ court; however, this is not exactly the situation when he himself says that Bitcoin must be a regulated currency before Western Union accepts it.
Responding to the question asked by Regan for comment on the digital currency and how it relates to their present model the Western Union’s CEO said, “But on the Bitcoin, you know we settle and pay out in 121 currencies, once Bitcoin should be regulated, by the regulator which should be a proper currency, why not we should also use Bitcoin?”
Bitcoin is a Major Challenge for Western Union kinds of Organization
The major concern for Western Union is that Bitcoin is not yet a regulated currency; however, that does not mean that it is all against the digital currency. He said that things may change in the future, and for that the authorities need to bring Bitcoin under regulation by passing some legislation. However, it is against the entire concept of Bitcoin which is unregulated and that is their USP.
The Western Union’s CEO said that his organization operates in a much regulated industry and if Bitcoin is regulated and the customer wants that, it would be a happy moment.
Bitcoin is emerging as a major tool for those who want to send money internationally and that too with almost nil processing fees. Contrary to belief that this measure can help Bitcoin, it is the Western Union that is going to benefit from it.
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