VISA reports usage of crypto-linked cards crosses $1 billion in H1 2021

In the first half of 2021, Visa’s customers have reportedly spent beyond $1 billion, which is approximately ₹7,480 crores, on its crypto-linked cards.

The firm claimed to partner with almost 50 crypto platforms so as to facilitate easier conversion and spending of virtual currencies for customers, at 70 million merchants globally.

This step is taken in conformity with the wider acceptance of cryptocurrencies by Visa. In March this year, the firm declared its decision of permitting the usage of the USD Coin to clear settlements on its payment network.

With the crackdowns in China and high volatility continuing to have a hand in the decline of crypto prices, the spirits of investors have dampened recently. The world’s largest cryptocurrency by market capitalisation - Bitcoin - has been in the red consistently for a few days, completely contrary to the new-highs it was reaching earlier this year. As of 8 July in India at 10:39 a.m., 1 Bitcoin’s price equals 24,48,739.37 Indian Rupee.

However, India has been taking major steps towards wider adoption of cryptocurrency, no matter how small these steps might seem. On July 7, India’s Finance Minister, Nirmala Sitharaman, said to The Hindu that the Cryptocurrency Regulation Bill in India is ready for the Monsoon session.

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