Western Union Open to Bitcoin 'If Regulated as Currency'
Western Union CEO Hikmet Ersek has said his company is open to the idea of using bitcoin, but only once the digital currency is fully regulated. In an interview with Bloomberg TV, Ersek discussed how the company deals with security concerns and its role as a global jobs creator. However, the bitcoin bombshell is what makes the interview most interesting for cryptocurrency enthusiasts and investors. Regulation vital. When asked about the potential threat coming from bitcoin, which offers a far cheaper way to move value around the globe, especially considering Western Union's "expensive"....
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Speaking on Wednesday with Bloomberg's 'Street Smart' program hosted by Trish Regan, Western Union CEO Hikmet Ersek made some interesting comments on the topic of bitcoin. Particularly, Ersek suggested that his company, a leader in money remittences, could look to adopt bitcoin if customers demand it - with a catch. It must first be regulated. "But on the bitcoin, you know we settle and pay out in 121 currencies, once bitcoin should be regulated, by the regulator which should be a proper currency, why not we should also use bitcoin?" he responded when asked by Regan for comment on the....
In an interview with Bloomberg, CEO Hikmet Ersek expressed a willingness to incorporate bitcoin into Western Union’s portfolio of world currencies “once bitcoin is regulated like a proper currency.” Perhaps even the world’s premier money transmitting service is coming around to bitcoin. But Ersek seems to find this a significant “if.” Western Union is the world’s largest money transmitting service. It deploys over 500,000 agents and 100,000 ATMs internationally. In an interview with Bloomberg, Ersek discussed the future of Western Union as it faces the spread and adoption of new....
Western Union Chief Information Officer John "David" Thompson was interviewed by Coindesk this week and made some very revealing comments about Bitcoin, and its future in global monetary transfer. Many know Western Union as the world's largest personal monetary transfer corporation, founded way back in 1851. Operating in 220 countries worldwide, it generated almost $800M last year in net income, which is down over 20% from 2012. I wonder why it is down over $200M all of the sudden? Also read: Digital Currency Advocate: What Western Union CEO Is Missing. Western Union CIO: Bitcoin doesn't....
In the world of cash-transfers, few other companies come to mind as instantaneously as Western Union. If you’ve walked in a convenience store anywhere between the west and east coast of the United States, you’ve probably seen a banner for Western Union. The remittance provider is currently facing a preliminary antitrust inquiry as the EU examines allegations of Western Union intentionally driving rivals out of business. Allegedly, Western Union is giving their retail outlet partners contracts with exclusivity contracts in them which don’t allow other cash-transfer services to operate....
As new U.S. government measures that impose restrictions on remittances to Cuba becomes effective after November 22, Western Union, which has been operating in the island nation since 1999, will close shop. The new rule, which was published on October 27, gave Western Union 30 days to implement new restrictions. The new rule is likely to increase the appeal of crypto assets as Cubans are now expected to find a suitable alternative in a very short space of time. Targeted Sanctions At the time of the initial U.S. government announcement, the global remittances giant had promised to find a....