Recently, in an interview with Bloomberg TV, Western Union CEO Hikmet Ersek had something interesting to say about Bitcoin and how he feels about the future of this popular digital currency. According to Ersek the company is more than willing to start using Bitcoin as soon as the virtual currency is fully regulated.
Ersek added that he believes Western Union, a world leader in money remittances, would certainly look into adopting Bitcoin if customers demand it, but as of right now the problem is certainly the lack of regulation. In the interview Ersek added, “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. It’s not regulated as a currency and that’s the issue with Bitcoin.”
Many in the Bitcoin mining industry consider that regulation is a strong possibility. Bitcoin has already has proven that money is capable of being moved around the world in a matter of minutes for a very small amount. Western Union already has high fees that could certainly use reductions. However, some are already suggesting that even if Western Union adopts Bitcoin the company would still charge high fees as they do now.