http://www.coindesk.com/western-union-reveals-pilot-coinbase-integration/?
It’s not every day you get to hear from the CTO of a financial incumbent who has actually mined bitcoin.
So, interest was high as David Thompson of global remittance giant Western Union took the stage at MoneyConf 2017 in Madrid, Spain. And he did not disappoint, facing the digital currency issue head on.
“Customers have been asking us if digital currency is going to wipe out the remittance business," he said.
According to the CTO, the answer is no. Thompson revealed cash-based transactions are on the rise in many of Western Union’s developing country markets. And anyway, he added, “the regulators are really pushing back on digital currencies because of the anonymity.”
It may come as a surprise, therefore, that Western Union is trialing an integration with digital currency exchange Coinbase, in which Western Union will appear within the web app of the exchange.
In conversation with CoinDesk, Thompson revealed that the project entered into development last fall, and is currently being piloted with Western Union employees. No launch date has been set, but an announcement could be forthcoming.
Thompson stressed, however, that it will not be for digital currency transactions, but instead, on the back-end for fiat transfers.
He said:
"Until digital currencies become regulated and integrated into the law, we are not going to include that on the platform. Our regulators are quite direct with us; it’s not something they are [allowing us] to enable."
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