Bitcoin Global News (BGN)
June 15, 2018 -- ADVFN Crypto NewsWire -- Despite all of the
progress that the Blockchain industry has made, it apparently has
not been enough to impress the Western Union CEO, Hikmet Ersek. He explained the fact that he is
against adding any sort of Crypto transfer capability to Western
Union’s services by saying that it is not what the customers
want.
Inside of this explanation, he was
also quoted as saying that customers do not go to hospitals and pay
in Crypto, as well as that central banks are currently skeptical
towards the Blockchain space as a whole.
Finally, Ersek finished by suggesting that
because of how our nations work, there would be no good reason for
them to swap out their existing fiat currencies for digital
currencies. Saying so, however, fails to take into account the idea
that Cryptocurrencies often aim to exist alongside fiat
currencies.
In connection with this, it is also
true that several of the most powerful Crypto firms, like Coinbase, are already
working well with traditional banks. Others, like Binance, are planning on
catching up in this way, this year.
Thirdly, and perhaps in the most
contrary fashion to Ersek’s statements, there’s Western Union’s history with Crypto
projects. In addition, it was reported in March that Western Union
was trying to get a patent approved for a system that could analyze
crypto currency transactions.
This month, just a week ago,
Western Union was supposed to be starting a pilot connection to
Coinbase, through which they would eventually be able to facilitate
the sending of funds with Coinbase’s existing
infrastructure.
When their history with Crypto
projects is known, it seems confusing that Western Union has come
out so openly against them in a week. What could help in
understanding their true stance on the industry is if you take
their recent history, together with what exactly Ersek said would
not be done.
In other words, it is important to
remember that Western Union did not rule out using the Blockchain
in any way, but they did rule out running Crypto to fiat transfers
or vice versa, any time soon.
Therefore, in the near future, we
just might see some sort of Blockchain tool being integrated with
their existing services, especially with the existence of startups
like Stellar that want to disrupt Western
Union’s existing business.
By: BGN Editorial Staff
News:
Western
Unioin
Cryptocurrencies
Binance
(BNB)
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