March 29, 2024

Visa CEO Alfred Al Kelly Calls for Accelerated Regulation of Cryptocurrencies

Article Reading Time:
1 min.

Visa CEO Alfred Al Kelly Calls for Accelerated Regulation of Cryptocurrencies

The CEO of the international payment system Visa expects a strong influx of consumers in the crypto card market. An effective legislative framework should help the trend.

Alfred Al Kelly expressed hope that the FTX fiasco will accelerate the tightening of regulators' control over the cryptocurrency market:

“I hope that the FTX disaster will benefit investors and companies: we will see increased regulation. I think that's what's needed to restore people's trust."

Clear regulation of cryptocurrencies especiallyVisa is needed now as the company lays the groundwork for offering services related to digital assets. The CEO expects growing demand among business owners and consumers to use bank cards for cryptocurrency transactions.

“We are preparing for the fact that cryptocurrency canplay a role in payments and cash flow. You know, we don't pick winners or losers. Ultimately, we let the consumer and the experience decide,” said the Visa executive.  

Al Kelly added that Visa links bank cards to crypto wallets, allows you to convert stablecoins into fiat currency and immediately use the card for purchases. 

Visa recently terminated a long-term agreement with the bankrupt FTX - the companies were supposed to jointly issue debit cards in 40 countries.