Western Union CEO states bitcoin is of no use to developing nations right now!

[cuddaloreappu]

At the Money 20/20 conference in las vegas Western union CEO remained skeptic about bitcoin and stated that bitcoin is of not much use for the developing and under deeloped world, due to lack of services..

His statement reinforces the fact that services that begin to trade with bitcoins are very essential for the development of the ecosystem as a whole!

http://www.coindesk.com/western-union-ceo-first-world-bitcoin-ready-global-use/

[deepestfear]

The man is in denial about what btc is in time going to do to his industry
He is right in that these killer services around remittance have to yet been launched - bitpesa is a start

[BTCIndia]

At the Money 20/20 conference in las vegas Western union CEO remained skeptic about bitcoin and stated that bitcoin is of not much use for the developing and under deeloped world, due to lack of services..

His statement reinforces the fact that services that begin to trade with bitcoins are very essential for the development of the ecosystem as a whole!

http://www.coindesk.com/western-union-ceo-first-world-bitcoin-ready-global-use/

So true!

[polynesia]

The key point is they (virtual currencies) do not currently have practical uses for consumers in underdeveloped nations
He may be right in that. If they did, Western Union and others would have seen their earnings decline sharply.

[Sindelar1938]

Western Union's margins have been under pressure for quite some time
If crypto apps actually did get launched, it could be curtains unless they morph to adopt btc in some form

[Fernandez]

Only thing saving Western Union is the archaic laws. I don't see those going away soon, so they are safe for now.

[polynesia]

Only thing saving Western Union is the archaic laws. I don't see those going away soon, so they are safe for now.

Correct. Ask all transmitters to have huge documentation requirements and KYC norms. A start up company using bitcoin would be hard pressed to ensure compliance.

[Fernandez]

Only thing saving Western Union is the archaic laws. I don't see those going away soon, so they are safe for now.

Correct. Ask all transmitters to have huge documentation requirements and KYC norms. A start up company using bitcoin would be hard pressed to ensure compliance.

I don't know what kind of clauses they make the end points sign, but in principle they can accept Bitcoin along with their normal operations. This is assuming that the laws are Bitcoin friendly at their end.

[polynesia]

Only thing saving Western Union is the archaic laws. I don't see those going away soon, so they are safe for now.

Correct. Ask all transmitters to have huge documentation requirements and KYC norms. A start up company using bitcoin would be hard pressed to ensure compliance.

I don't know what kind of clauses they make the end points sign, but in principle they can accept Bitcoin along with their normal operations. This is assuming that the laws are Bitcoin friendly at their end.

I guess the end points convert bitcoins back to fiat. And once you do that, you have a money trail and the usual Know Your Customer / Anti-Money Laundering requirements.