(CNBC) Bitcoin, the world's largest cryptocurrency, is not really money and Visa won't touch it, the credit card giant's CEO told CNBC.
"I don't view it as payment system player," Alfred Kelly said in an interview recorded on Tuesday at the National Retail Federation conference in New York City.
Despite the emergence of bitcoin as digital money that can be used in a limited fashion to buy things, Kelly said, "We at Visa won't process transactions that are cryptocurrency-based. We will only process fiat currency-based transactions."
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Fiat currencies, such as the U.S. dollar, are issued by governments as legal money. But, as Investopedia describes it, they are not backed by any physical commodity.