The craze of cryptocurrencies is increasing among people. Visa Inc. has said that it will allow the use of cryptocurrency USD coin for settlement of transactions on its payment network. USD coin is a stable coin cryptocurrency priced directly linked to the US dollar. Bitcoin then accelerated and reached a one-week high. Bitcoin’s price jumped 4.5 percent to cross $59,000.
In this context, Visa Inc. has said that it has launched a pilot program with the payment and crypto platform (Crypto.com). The company plans to provide payment settlement options through cryptocurrencies to more partners at the end of the year. Visa has become the first major payment network to settle transactions in USDC cryptocurrency.
These companies also adopted digital coin
It is understood that Visa has taken this step after other major financial companies such as Bny Mellon, BlackRock Inc., and MasterCard Inc. These companies have also adopted some digital coin.
What is cryptocurrency?
Cryptocurrency is a currency you cannot see. In simple words, you can call it digital money. No bank issues cryptocurrencies. Those who issue it control it. It is used in the digital world.
Let us say that the Reserve Bank of India had banned cryptocurrency trading by issuing a circular in the year 2018. But in March 2020, the Supreme Court approved the trade from the virtual currency, also known as cryptocurrency. After this court order, virtual currency such as Bitcoin can be legally traded.
10-year jail term for buying and selling cryptocurrencies in India
In the draft ban on cryptocurrencies and the official Digital Currency Bill, 2019, it was proposed that those who buy and sell cryptocurrencies in the country would get a jail sentence of 10 years. According to the draft, it will come to all those who prepare cryptocurrencies, sell it, keep cryptocurrencies, send someone or deal with cryptocurrencies. In all these cases, those found guilty were sentenced to up to 10 years in jail. But now the Supreme Court has lifted the ban.
Elora is PR and Outreach Manager at Crunchoid Inc. Outside of work, Elora enjoys Flywheel, tacos, the tennis, and adventuring around the globe.