Visa to Create Payment System Based on Digital Currencies
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24 September
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Payment firm Visa is exploring the possibility of creating an offline payment system based on digital currencies.

According to Visa's crypto head Kai Sheffield, the company's specialists will have to resolve many technical challenges before the solution can be implemented safely:

"We are continuing to advance research on that front and we'll hopefully have more to talk about in the coming year."

Sheffield also mentioned Visa's involvement with central bank digital currencies:

"We think that if a central bank is going to issue a CBDC, they will need to consider a number of the same factors that are facing private companies building tokenized stablecoins."

Visa plans to expand the number of participants in the payment network thanks to crypto companies. The network currently has about 25 participants, including Coinbase and Circle.

Visa has previously said digital currencies can add value to digital payments and is committed to supporting the development of the industry.

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