Western Union explained why it will not work with cryptocurrencies
Speaking at the meeting, members of the Economic club in new York on 13 June, the head of the Western Union company, Hikmet Ersek stated that this payment system is not going to include in your Arsenal of cryptocurrencies — at least in the foreseeable future. According to him, users prefer Fiat currency is digital. In particular, Ersek said:
We know the needs of the clients. No one pays medical bills with cryptocurrency.
He added that Western Union also takes into account the position of the Central banks which do not intend to relinquish control over the national means of payment in favor of digital decentralized alternatives. According to him, "every state is a flag, the Constitution, border and currency", and no state Bank will not abandon the role of a single Supervisory authority.
In December last year, Western Union launched a campaign against non-cash payments related to cryptocurrency exchanges, citing "internal rules". So, one user wrote on Reddit that Western Union refused to process transactions the exchange Kraken.
In February this year, the company has confirmed that it is testing transactions in the payment system Ripple. Ersek commented on this step:
First of all we are interested in payment processing and optimization of working capital, as well as the aspect of regulation we want to find out how the opportunities provided by bloccano compatible with the requirements of the legislation.