Western Union Evaluating Using Cryptocurrency In Its Services

Western Union Evaluating Using Cryptocurrency In Its Services

Western Union seems to be ready for cryptocurrencies. In an interview with Reuters Plus, Western Union President Odilon Almeida said the company has been evaluating the use of cryptocurrency. The platform is also checking how they can improve their service delivery using blockchain technology.

Western Union is interested in adopting cryptocurrencies as an option for users to exchange for fiat currencies. According to Almeida however, the move would only see the light of day if it connects with a global audience.

Almeida spoke on some of the limitations of cryptocurrencies and why they haven’t achieved mainstream adoption. He listed volatility, governance, and compliance, as the three stumbling blocks against its growth. Almeida said:

“Western Union is ready today to adopt any kind of currency. We already operate with 130 currencies. If we one day feel like it’s the right strategy to introduce cryptocurrencies to our platform, technology-wise it’s just one more currency. I think cryptocurrency may become one more option of currency, or assets, around the globe to be exchanged between people and businesses. If that happens, we will be ready to launch.”