At the MoneyConf in Madrid, the CTO from Western Union, David Thompson, has expressed its opinion on cryptosciences and blockchain technology.

Hardly any other business is so strongly threatened by the advent of digital currencies as the business of remittance service providers. Western Union is next to MoneyGram one of the stags in the cash transfer business and because of horrend charges often in the criticism. But instead of facing the disruptive threat, Thompson defends Western Union's business model and does not see cryptic threats as a threat.

According to Thompson, cash deals continue to grow in the developing world, while cryptoscripts are increasingly being pushed back by regulatory authorities. He sees the anonymity as one of the main problems of cryptanalysis.

However

Western Union is currently working on an integration with the Coinbase crypt exchange market. There is supposed to be a web app connected by Western Union. However, this web app is not intended to be used for crypto-currency transactions, but merely to enable a back-end processing for Fiat currencies.

As far as blockchain technology is concerned, the Western Union is more open and sees the enormous potential, especially when it comes to cost savings. Western Union is working on a block-based solution for know-your-costumer regulation. This could reduce the compliance costs, which are currently 240 million US dollars per year.

To the question, if the time could not come when Western Union can no longer be closed against digital currencies, even Thompson must stand that that could be the case anyway. However, he emphasizes that Western Union will be ready for this day.