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Western Union president Global Money Transfer said the company is "ready to adopt any type of currency", potentially including cryptocurrency, in an interview with Reuters Plus, December 17.
Odilon Almeida said that there is not a big difference between cryptocurrencies and regular digital payments, the kind that Western Union has been managing for years.
Almeida believes that the long-term position of the company makes it potentially ready to launch any type of currency, including those based on blockchain:
"We already operate with 130 currencies, if one day we think it's the right strategy to introduce cryptocurrencies on our platform, from a technology point of view, it's just another currency … I think cryptocurrencies can become a further currency option or assets around the globe to be exchanged between people and businesses, if that happens we would be ready for launch ".
However, Almeida believes that in order to achieve mass adoption, cryptocurrencies must solve volatility, governance and compliance problems. As for the Western Union executive – which suggests the concept behind some stablecoins – the issue of volatility in encrypted markets can be solved by adding currencies to some "strong currencies" such as [United States] dollar."
In addition to cryptocurrencies, Western Union is also exploring the use of blockchain. According to a press release accompanying the video, the company has already formed a partnership with Ripple to "check whether the sending of payments via blockchain was faster and less expensive", adding that "the tests are under way. ".
The official position of Western Union against the crypt has changed significantly in recent months. In June of this year, the company's managing director, Hikmet Ersek, said that Western Union will not soon add a cryptocurrency transfer solution to its services. "Consumers tell us what they want – people do not pay hospital bills in encrypted," he said at the time.
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