Western Union is “ready to adopt any kind of currency,” according to the company’s president.
There’s a chance the Western Union Global Money Transfer could be open to adopting cryptocurrencies, according to an interview conducted by Reuters Plus on December 17.
In an interview with Reuters Plus, Odilon Almeida, president of Western Union, said the company already operates with 130 currencies, and doesn’t consider crypto to be particularly different to any other digital payment.
“Technology-wise, it’s just one more currency.” Almeida said. “I think cryptocurrencies may become one more option of currency or assets around the globe to be exchanged between people and businesses.”
A press release was also published with the video interview, which explained that Western Union had partnered with Ripple Labs to test whether or not “sending payments by blockchain was faster and less expensive.” According to the release, those tests are still being held.
According to Almeida, cryptocurrencies have so far failed to achieve widespread adoption because of their ineffectiveness when it comes to “governance, compliance and volatility.”
He considers Western Union to be “better equipped” to solve these issues, given that it’s already been working with digital money transfers for over 20 years and “devotes substantial resources to all of those three challenges.”
Almeida believes that adding cryptocurrency to the platform could only help bolster Western Union’s goal of expanding its digital services to “more than 200 countries and territories.” He added that if crypto became adopted on a wider scale as a currency option that the company would be “ready to launch.”
Source: Western Union