Last week we reported on how all the Bitcoin and Cryptocurrency payment cards had been suspended due to VISA withdrawing the contract they had with Wave Crest Holdings Ltd. TenX, Xapo, Cryptopay, Bitwala and Bitpay have all seen their VISA prepaid cards suspended.
The reasons for Wave Crest Holdings Ltd being forced to shut down all their prepaid VISA card services has not been officially revealed, however after a recent interview with CNBC, VISA CEO Alfred Kelly may of just answered our questions:
“I don’t view it as payment system player,”
“We at Visa won’t process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions.”
Although no statement has been made about the closure of Bitcoin payment cards such as XAPO and TenX, it would seem likely that this is primarily the reason for Wave Crest Holdings Ltd being forced to withdraw prepaid VISA services from all the Cryptocurrency payment card providers.
Although these cards provided a convenient way to spend Bitcoin, they were not the answer and in a way they contradicted what Bitcoin is trying to achieve.
We need merchants to be able to accept Bitcoin directly, not through the likes of VISA or Mastercard, these are they very institutions we we are trying to take down.
What do you think about VISA’s view on Cryptocurrency? We’d love to hear from you in the comments below.