According to ambcrypto, in a report, Visa Senior Director and Head of Encryption Cuy Sheffield said that the global payment network Visa is advancing its cryptocurrency payment technology and will incorporate blockchain technology into its operations. Although the Visa executive did not mention the specific timetable for the project, he added that research in this area will continue until next year.
In addition, Sheffield said that since Visa’s recent focus, the company has been working “very closely” with central banks around the world on the development of cbdc. Similarly, Sheffield also stated that Visa hopes to use its expertise to help the central banks of the two countries “consider cbdc” and other companies that “explore” privately issuing stablecoins. Visa also explored the potential of offline digital currency payments. Sheffield said this is something that central banks are paying close attention to. However, he mentioned the technical challenges of making offline digital currency payments more secure. He also predicted that central banks will face the same factors that affect private companies that build stablecoins. In fact, according to a research report by the Bank of Japan, the availability and flexibility of cbdc is a prominent obstacle to the issuance of such tokens.
In addition, Terry Angelos, Visa’s senior vice president and head of global financial technology, claimed that Visa plans to add more crypto-centric companies as its key members. So far, the leading US cryptocurrency exchange Coinbase has partnered with Visa to obtain its primary membership, allowing Coinbase users to use their cryptocurrencies wherever Visa is accepted.
