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Visa to Allow Payments Using Cryptocurrency On ‘Seeing Demand’

Visa to Allow Payments Using Cryptocurrency On ‘Seeing Demand’

New Delhi: Major payments platform Visa Inc on Monday announced that it will allow the use of cryptocurrency USD Coin to settle transactions on its network in a move to promote digital currencies and bitcoin. Visa’s pilot program was launched with Crypto.com, a cryptocurrency payment platform, and it plans to expand the offer to more partners this year. Also Read – Cryptocurrency Bitcoin Creates New Record, Passes USD 60,000 For First Time

The USD Coin (USDC) is a stablecoin cryptocurrency backed by the US dollar. Visa partnered with digital asset bank Anchorage and completed the first transaction this month with Crypto.com. Also Read – Twitter CEO Jack Dorsey’s First Tweet Fetches Crores, More Expensive Than Sachin’s Tendulkar’s Ferrari!

With the latest move, Visa has accepted the financial turn sparking predictions that cryptocurrencies will become a regular part of investment portfolios. Major firms including BNY Mellon, BlackRock Inc and Mastercard Inc have already embraced the digital coins move. Also Read – Will Evaluate, Explore Cryptocurrencies to Improve Governance in India, Says Anurag Thakur

“We see increasing demand from consumers across the world to be able to access, hold and use digital currencies and we’re seeing demand from our clients to be able to build products that provide that access for consumers,” Cuy Sheffield, head of crypto at Visa, told Reuters.

Tesla Inc CEO Elon Musk had announced last week that customers can buy Tesla electric vehicles with bitcoin.

Cryptocurrency has taken the financial market by storm over the last few years. However, in India, earnings made via cryptocurrencies fall under the Income Tax Act, and hence, are taxable.

With Agency inputs


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