Visa announces the launch of a cryptocurrency advisory service for financial institutions and merchants.

As the use of digital currencies gathers traction, Visa, the world’s largest payment processor, launched a worldwide crypto advice service for customers such as banks and merchants on Wednesday.

Visa’s move comes amid record investor demand for cryptocurrency services, and the company’s latest offering is aimed at financial institutions looking to attract or retain customers with a crypto offering, retailers interested in non-fungible tokens (NFTs), and central banks looking into digital currencies.

Visa’s services include teaching institutions about cryptocurrencies, allowing customers to utilise Visa’s network for digital offers, and assisting with backend operations.

“We came to Visa to learn more about crypto and stablecoins, as well as the use cases that are most important to our retail and commercial business lines,” Uma Wilson, executive vice president of UMB Bank, a

According to a new Visa worldwide research, over 40% of cryptocurrency owners polled are likely or very likely to transfer their primary bank to one that provides crypto-related goods in the next 12 months.

Visa’s network is now used to facilitate the purchase, sale, and custody of digital money. It also provides a credit card that allows users to earn Bitcoin on purchases, as well as the ability to settle transactions on its payment network using USD Coin, a stablecoin cryptocurrency whose value is fixed directly to the US dollar. As of 12:30 p.m. on December 8, the price of bitcoin in India was Rs. 40.68 lakh.

However, price stability is required for cryptocurrencies like Bitcoin to be utilised as a means of exchange, according to Visa’s Chief Financial Officer Vasant Prabhu.

“It’s a very tough thing for a retailer to accept (bitcoin) as a currency if the price fluctuates from $60,000 (approximately Rs. 45.27 lakh) to $50,000 (about Rs. 37.72 lakh) in a few hours,” Prabhu added.

“I’m not sure if cryptocurrencies like Bitcoin will ever be accepted as a form of payment. Stablecoins, on the other hand, will “He went on to say that Visa would help with such transactions when the time came.

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