Western Union CEO: Crypto won`t be set in Near Future

Western Union Co. CEO Hikmet Ersek claimed the global money transfer service will not add a cryptocurrency transfer to its services anytime soon
14 June 2018   743

The head of the largest money transfer company in the world speaking at the Economic Club of New York, explained that the clients lean toward fiat money over cryptocurrencies because of the possibility for broader usability of hard assets like cash. 

The consumers tell us what they want. People aren’t paying their hospital bills in cryptos.
Hikmet Ersek,
CEO, Western Union

Ersek also mentioned central banks’ totally skeptical position relatively to  cryptocurrencies as a reason not to expand their services to digital assets. As Ersek declared, central banks are unwilling refuse of the control over their local currency to a digital or decentralized alternative. He stated that “nations are built on flags, constitutions, borders and currencies,” explaining that no central bank home to a gain currency would consider giving up that type of control.

Western Union last year in December started a campaign against wire transfer transactions including cryptocurrency exchanges because of the firm’s internal regulations. The company in a post by a Reddit user, affirmed crypto exchange Kraken that it would not process a transaction related to digital money because it was against internal rules.

We are looking especially in the processing settlement and working capital optimization, also in the regulation part, on the compliance part on the blockchain capabilities.
Hikmet Ersek
CEO, Western Union

It was also confirmed by Western Union in February that it was testing transactions with the application of Ripple’s blockchain-based settlement system. 

Binance to Spread Crypto Fiat Wings

The list of upcoming jurisdictions was found by the Block
18 January 2019   63

The Block has gained access to the list of jurisdictions in which the largest cryptocurrency exchange Binance intends to launch fiat trading platforms. The latter use technology Binance, but will be separate legal entities.

Alleged Binance New Operation Jurisdictions
Alleged Binance New Operation Jurisdictions

In 2019, the exchange allegedly intends to launch full-scale activities in Malta and in Singapore. At the same time, South Korea, Liechtenstein, Russia, Turkey and Argentina are in the plans.

Note that in October last year, such a platform appeared in Uganda, and just a few days ago - on the island of Jersey.