Visa CFO, Vasant Prabhu, seems rather upset with Bitcoin. He also thinks it is a bubble that is about to explode.
Recently, when asked about Bitcoin, he gave the piece of Inquirer of his mind. According to him, most of the people who are asking for Bitcoin have no idea.
According to him, he does not have much knowledge of Bitcoin and is completely unrelated to it. However, there are many people in his circle who are also Bitcoin lovers. He also claimed that Bitcoin is spreading like a fever. More and more people are talking about Bitcoin. People also consider Bitcoin a long-term investment. On the other hand, there are several who are trading in Bitcoin to earn even good profits.
According to him, since every person is interested in Bitcoin, this is the classic case in which the bubble is about to explode.
Recently, US banks have also taken steps to ban Bitcoin investments with credit card help. Although many banks have taken steps to ban Bitcoin transactions but Visa alone has not done so. Individual banks have taken steps to ban customers from buying Bitcoins.
Visa fully complies with the KYC guidelines. Visa also takes into account the anti-money laundering policies of the various countries in which it operates. This is why it is able to operate legally without problems.
On the other hand, he thinks that cryptocurrencies are used exclusively for money laundering. They are not used for general accounting transactions. This is why he believes users should stay away from cryptocurrencies. On the other hand, observers think that, after the recent check on Bitcoin, money laundering activities with the help of Bitcoin and other cryptocurrencies are limited and are drastically reduced. This is one of the main reasons why even cryptocurrencies like Bitcoin are becoming more transparent. This is actually increasing the amount of credibility in Bitcoin.
Furthermore, there are other cryptocurrencies like Monero, which are completely transparent. These cryptocurrencies are now used after a thorough check on Bitcoin. It remains to be seen whether the authorities are able to stop the use of completely anonymous cryptocurrencies for criminal activities or not. Currently, it seems that people who want to recycle money use completely anonymous cryptocurrencies.