June 14, 2018 283By Thomas Ramsay
“The consumers tell us what they want, people aren’t paying their hospital bills in cryptos. Nations are built on flags, constitutions, borders and currencies.”See the full article for yourself, here- https://www.marketwatch.com/story/why-western-unions-ceo-doesnt-see-bitcoin-a-fast-track-to-overtaking-dollars-euros-2018-06-13 It seems that within this Ersek is a strong believer in traditional values and thus, traditional currencies. He doesn’t believe that people will give up their FIAT currencies and switch to cryptocurrencies if the offer presented itself because really, FIAT currencies are too embedded within national identity as a social norm. This is indeed a very interesting perspective. I don’t think its fully accurate, but it at least offers us some perspective into how Western Union are viewing the crypto-revolution. Clearly, they are more interested in the technology that can benefit them (within the blockchain) and not the actual currencies themselves. For now, this does extinguish any rumours that focus on a Ripple XRP integration in Western Union, however in this instance, Ersek hasn’t written off cryptocurrencies altogether. In fact, if Western Unions customers start paying more of an interest in cryptocurrencies and the demand for it arises, maybe Western Union will consider cryptocurrency integration after all. Overall, it is as if Western Union are simply going to focus on improving their money transfer service and to ensure that they continue providing for a FIAT-centric crowd, offering faster transaction speeds at cheaper rates, none of which will come close of course to what Western Union could achieve with a bit of crypto-integration.