If Western Union will deal in cryptocurrencies could this mean you do not need digital exchanges?The president of Western Union Global Money Transfer has claimed the company is “ready to adopt any kind of currency,” potentially including cryptocurrencies. Odilon Almeida stated there is no big difference between cryptocurrencies and regular digital payments, the likes of which Western Union has been handling for years. Almeida believes that the firm’s long-term stance makes it potentially ready to launch any type of currency, including blockchain-based ones. However, Almeida thinks that in order to achieve mass adoption, cryptocurrencies have to solve problems with volatility, governance, and compliance. As per the Western Union exec — hinting at the concept behind some stablecoins — the issue with volatility in crypto markets can be addressed by pegging coins to some “strong currencies, such as the [United States] dollar.”
Apart from cryptocurrencies, Western Union is also exploring the use of blockchain. According to a press release accompanying the video, the firm has already partnered with Ripple to “test whether sending payments by blockchain was faster and less expensive,” adding that the “tests are ongoing.”
