Visa to build payments system based on digital currencies

The payments giant Visa is exploring the possibility of creating an offline payments system based on a digital currency. Forbes reported that Kai Sheffield, head of the company’s cryptocurrency division, said this.

He noted that, to safely implement this functionality, Visa’s specialists will have to solve a number of technical challenges.

“We continue to conduct research in this direction and hope that we will be able to share more in the coming year,” said Sheffield.

He also spoke about Visa’s involvement in work on central bank digital currencies.

“When launching a central bank digital currency, the central bank will face the same challenges as private companies in developing tokenized stablecoins,” said an expert.

Visa plans to expand the number of participants in the payment network via cryptocurrency companies. The network currently includes about 25 companies, including Coinbase and Circle. Most of Visa’s crypto-industry clients specialise in central bank digital currencies (CBDCs).

Earlier in July, Visa said that digital currencies have the potential to enhance the value of digital payments and announced its readiness to support the development of this industry.

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