Visa Says Digital Currencies Can Extend Value of Digital Payments
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July 22, 2020
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The world's second-largest card payment organization, Visa, Inc., has issued a new blog post according to which, it wants "to help shape and support" the role of digital assets in the future of money.

Visa admits digital currencies have resources to extend the value of digital payments "to a greater number of people and place."

"Today, fiat-backed digital currencies, commonly referred to as “stablecoins,” have emerged as a promising new payment innovation, combining the benefits of digital currencies with the stability of existing currencies like the US dollar," the blog post says.

The organization highlights it has been engaging with policymakers and global organizations to shape the dialogue and understanding of digital currencies, including its work with the World Economic Forum and collaboration on a set of policy recommendations for central banks exploring the concept of Central Bank Digital Currency (CBDC).

Visa, Mastercard, PayPal and Stripe Hesitate to Officially Support Libra

Previously, the Head of Crypto at Visa, Cuy Sheffield, wrote on Twitter that CBDC is "one of the most important trends for the future of money and payments over the next decade."

"...it's worth closely following the active debate around if CBDCs should be created and how specifically they should be designed and implemented," Sheffield added.

In February, iHodl reported that the US-based cryptocurrency exchange Coinbase became the first crypto company approved by Visa as a principal member.

The payments giant is also actively expanding its presence on the blockchain market. Earlier, Visa announced it was looking for a strong developer experienced with Ethereum and blockchain architecture to develop distributed application.

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