The financial world is abuzz with discussion surrounding Visa's merchant fees, a debate that has drawn the attention of prominent figures in the cryptocurrency space. Mihailo Bjelic, co-founder of Polygon, has offered a nuanced perspective on the matter, challenging the narrative that labels Visa's business practices as "oppressive."
Visa's Fees: Competitive, Not Oppressive
The conversation gained traction after Ethereum co-founder Vitalik Buterin highlighted Visa's practice of extracting significant percentage points from point-of-sale transactions. While some view these "extractive" fees negatively, Bjelic argues that this is simply Visa leveraging its significant market power, a standard and competitive business maneuver. He contends that describing such practices as "oppressive" or inherently "bad" for the crypto sector might be inaccurate, framing it instead as a normal function within a competitive marketplace.
Self-Censorship and Ethical Compliance
Bjelic also weighed in on the controversy surrounding gaming platforms that reportedly self-censored certain adult content, fearing repercussions from Visa. He interprets these actions not as oppressive censorship by Visa, but rather as strategic "self-censoring moves" by the platforms themselves to mitigate business risks and ensure lawful compliance. Furthermore, Bjelic asserted that it would be unethical to expect payment facilitators like Visa or crypto wallets to process transactions for content promoting illegal or morally reprehensible acts such as rape and incest. He maintains that while such policies may limit certain online content, they do not equate to an oppressive or malicious intent from the payment giant. This discussion subtly touches upon broader decentralization concerns within the crypto community, where any perceived control by a centralized entity like Visa can raise alarms. However, Bjelic's stance suggests a more pragmatic view, differentiating between legitimate business practices and genuinely oppressive behavior, even as Visa continues to expand its presence within the crypto ecosystem.
