In the recent debate about Visa's fees, Mihailo Bjelic, one of the co-founders of Polygon, has expressed his views on the company's practices regarding competition and their effect on the crypto industry.
Mihailo Bjelic's View on Visa's Fees
Mihailo Bjelic commented on Visa's fees following remarks made by Vitalik Buterin, co-founder of Ethereum, who highlighted that Visa extracts a percentage from transactions through merchant fees. Bjelic argues that this practice reflects Visa leveraging its competitive market power and believes it is inaccurate to label it as oppressive.
Self-Censorship of Gaming Platforms
Bjelic also addressed the self-censorship observed on two gaming platforms that removed some adult content games due to fears that Visa could ban them. He believes this is a legal compliance and brand protection move, adding that it would be unethical to expect Visa or any crypto wallet to support payments for games promoting unacceptable content.
Centralization and Visa's Influence on Crypto Industry
The debate also touched on centralization concerns, with some in the crypto community viewing Visa's actions as attempts to exert control over the decentralized environment. Visa continues to deepen its involvement in the crypto space, including a recent collaboration with Tangem aimed at simplifying payments between crypto and fiat currencies.
Therefore, Mihailo Bjelic's perspective underscores the complexity of issues surrounding Visa's business practices, their impact on gaming platforms, and the potential for centralization in the crypto industry. The positions and actions of major players warrant careful analysis and discussion.
