Western Union, the largest company in the field of international money transfers, is not going to implement the possibility of crypto-currency translations in the near future. This was stated by the head of the company Ersek, Hikmet (Hikmet Ersek) on Wednesday, June 13, at the Economic club of new York.
He explained that the company’s customers still prefer regular digital currency, because of the convenience of its widespread use.
“Our customers tell us that they want. People don’t pay hospital bills with cryptocurrency,” said Ersek.
Another reason why Western Union does not hurry with the expansion of service capabilities is the skeptical attitude of many Central banks to cryptocurrency sphere. According to Ersekë, the company is not ready to change completely controlled by the local currency on something that was originally created to avoid government regulation. He noted that “countries are built on the flags, constitutions, borders and currencies”, and no Central Bank with a reserve Fund would not change this possibility of control on something not fully understood.
Western Union has long been known for his critical attitude to the cryptocurrency sphere. In December last year, the company began to block all transactions associated with bitcoin and even launched a campaign against such operations. On Reddit, the representatives of the Western Union gave the Kraken crypto currency exchange that the company will not process transactions with cryptocurrencies as it is not consistent with its internal regulations. Then, analysts came to the conclusion that this step can adversely affect the profitability of Western Union in the future, as it will lose a lot of customers interested in digital currencies.
Despite such statements, in February the company suddenly announced the testing Ripple to optimize cross-border transfers.
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