Image: Visa CEO, Alfred Kelly. (AP Photo/Mark Lennihan)

CAPE TOWN - Alfred Kelly, CEO of Visa does not see cryptocurrencies as real money and says that Visa is not interested. 

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In an interview with CNBC, Visa CEO Alfred Kelly stated the company will not process any cryptocurrency-based transactions, due to the asset’s high risk for losses and unpredictable nature. 

"We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions", Kelly in an interview with CNBC.

Fiat currencies are currencies issues by any government as legal money such as the U.S. dollar, Euro, Rand and many more. “My take is that Bitcoin is much more today a commodity that somebody could invest in –and honestly, somewhat of a speculative commodity,” said Kelly.

Lately, due to price fluctuations in cryptocurrency, Kelly said Bitcoin and Ethereum do not qualify as a payment system player. Recently, Bitcoin recovered to $11,700 after plunging to $10,000 since November 2017. 

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- BUSINESS REPORT ONLINE