Payment Platform VISA Allows The Use Of Cryptocurrency USD Coin To Settle Transactions

Payment platform VISA has allowed the use of Cryptocurrency USD Coin for transactions through their crypto platform.

Payment giant VISA has said that it will allow the use of Cryptocurrency USD coin to settle transactions and it has introduced a pilot platform for the use of cryptocurrency. The USD Coin is a stable coin whose value is pegged directly to the US dollar. This initiative is a step forward in the acceptance of cryptocurrencies as a form of payment in the mainstream market.

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Many payment platforms like Mastercard, BNY Mellon and Blackrock have also allowed the transaction of digital coins on their platform. A person’s crypto wallet will deposit flat currency in his bank account and at the end of the day, the amount will be wired to VISA to settle transactions. The cost and complexity for businesses will also be looked after.

CEO of Tesla Motors, Elon Musk, announced earlier last week that Tesla cars can be bought with Bitcoins by the citizens of America. He also said that the facility to pay with the help of Bitcoin during transactions with Tesla will be available in other countries later this year. The biggest cryptocurrency Bitcoin has seen a boost in its price after the announcement of allowing cryptocurrency was made by VISA.

Also Read: Investors Go All-In for the Release of China’s E-Yuan Cryptocurrency

In India, there have been many initiatives to regulate cryptocurrency even though it is banned for use in the country. There have been many debates and uncertainties regarding digital currency and at present, it is banned in India. In a recent update, the Indian government has made it compulsory for all companies to disclose their dealings in digital currency.

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