Visa announces plans on e-money

Visa announces plans on e-money

Global financial service provider Visa and blockchain software firm ConsenSys have announced plans to build a platform for creating and launching central bank digital currencies (CBDCs).

“If successful, CBDC could expand access to financial services and make government disbursements more efficient, targeted, and secure – that’s an attractive proposition for policy-makers,” Catherine Gu, Visa’s global head of CBDC, said in a blog post Q&A session with ConsenSys, as cited by CoinDesk.

CBDC is essentially a country’s fiat currency in the form of a digital asset, which, unlike cryptocurrencies, is controlled by official monetary authorities – usually central banks. So far, only two countries in the world use a CBDC: the Bahamas and Nigeria. However, other nations have been working on a CBDC release of their own.

According to Gu, Visa’s CBDC payments module will be an extension for CBDCs on their existing payment networks. Banks and issuer processors will be offered the means to plug into the module and integrate their existing infrastructure, she explained.

The module will be a “CBDC sandbox” of sorts, in which central banks can experiment with distributing the coins after creating them on ConsenSys’ ethereum scaling protocol layer, Quorum.

“Central banks are moving from research to actually wanting to have a tangible product they can experiment with,” stated Cuy Sheffield, the vice president of Visa’s crypto department, as cited by Yahoo Finance.

Visa says its crypto teams plan to have completed the module in the coming months, at which point they will be able to start working with central banks on pilot CBDC launches. If the pilots are successful, it envisages its customers will have the means to use their CBDC-linked Visa cards or digital wallets anywhere Visa is accepted.

Last month, the company launched a global crypto advisory practice for banks and other financial institutions, aiming to help them develop their cryptocurrency businesses. It said at the time that “every bank should have a crypto strategy,” noting also that “it’s a critical role for Visa to play to help be this bridge between banks and the crypto ecosystem.”

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Authorities in Warsaw have allowed citizens to forage for firewood in forests to keep their homes heated amid spiralling energy costs. Poland is in the midst of a coal shortage after banning Russian
подробнее...

If a fresh wave of government assistance is not released immediately, some 500,000 small businesses in the UK will go bankrupt within weeks, the chairman of the Federation of Small Businesses (FSB)
подробнее...

The White House fears that the confiscation of Russian assets could damage its reputation, the New York Times reported on Tuesday.According to the newspaper’s sources, top officials in President Joe
подробнее...

Russia has restricted the export of noble gases, including neon, in an apparent tit-for-tat response to the fifth round of sanctions imposed by the EU in April.The government decree, published on
подробнее...

Russian banking giant Sberbank has been disconnected from the SWIFT global financial messaging system under a new set of sanctions approved by European Union leaders on Monday.“This sanctions package
подробнее...

India halted wheat exports this year in order to stop speculation in the grain market, Foreign Minister Subrahmanyam Jaishankar said at the GLOBSEC 2022 international security forum in Bratislava,
подробнее...

Global grain prices have fallen to April levels following Russian President Vladimir Putin’s promise to ensure the safe export of Ukrainian grain through Black Sea ports controlled by Russia.Wheat was
подробнее...

Gas flow from Germany to France has been halted, French gas transmission system operator GRTgaz reported on Friday, adding that the nation hadn’t received any natural gas from Russia via the pipeline
подробнее...

The Netherlands continues to receive Russian gas after Gazprom stopped gas supplies to state energy wholesaler GasTerra due to non-payment in rubles, broadcaster NOS reported on Tuesday. It clarified
подробнее...

The boss of Wall Street giant JPMorgan Chase, Jamie Dimon, has warned investors that the US is facing an economic “hurricane” as the latest challenges posed by the Fed’s tightening monetary policy and
подробнее...

US technology firm IBM announced, on Tuesday, that it plans to pull out of the Russian market due to the conflict in Ukraine.The company's chief executive Arvind Krishna said in a statement: “Let me
подробнее...

The authorities in Sri Lanka have grounded a civilian aircraft belonging to Russian carrier Aeroflot, and seized the plane, local newspaper News First reported on Friday.The Colombo High Commercial
подробнее...

Credit card borrowing in the UK in April rose at the fastest annual rate in nearly two decades, according to data released by the Bank of England on Tuesday.The regulator revealed that spending on
подробнее...

A shortage of cigarette packaging paper could affect smokers in Germany, with some brands almost impossible to find in retail stores, Bild newspaper reported on Friday.According to the paper, one of
подробнее...

Ukraine is in discussions with the United States on purchasing and financing supplies of liquefied natural gas (LNG) instead of pipeline gas, which the country currently receives from EU states,
подробнее...

The current energy crisis could be one of the worst and longest in history and European countries could be hit particularly hard, the head of the International Energy Agency, Fatih Birol, said on
подробнее...

Austria’s oil and gas conglomerate OMV has said its recent payment for Russian gas under the new ruble settlement mechanism was successful, TASS reported on Wednesday.“We paid in May according to the
подробнее...

Denmark has become the fifth country to be cut off from Russian natural gas following the refusal of its biggest power wholesaler Orsted to pay for deliveries in rubles. Supplies to Shell Energy
подробнее...