Visa plans to inculcate conversion of digital assets to fiat currencies for users | The Financial Express

Visa plans to inculcate conversion of digital assets to fiat currencies for users

According to Cointelegraph, the payment platform has been looking for ways to add blockchain applications into its current network for making money transactions quicker

Reportedly, AI Kelly, former CEO, informed on the firm’s plans towards central bank digital currencies
Reportedly, AI Kelly, former CEO, informed on the firm’s plans towards central bank digital currencies

Payment company Visa aims to introduce features for permitting customers to convert digital assets to fiat currencies on its platform, on the basis of a presentation by the company’s crypto division branch at StarkWare Sessions 2023, as stated by Cointelegraph.

“We’ve been testing how to actually accept settlement payments from issuers in USDC starting on Ethereum and paying out in USDC on Ethereum. So, these are large value settlement payments. That’s been one of the areas where we want to build muscle memory. The same way that we can convert between dollars in euros on a cross-border transaction, we should be able to convert between digital tokenised dollars and traditional dollars,” Cuy Sheffield, an executive,  stated during a fireside chat at the event.

According to Cointelegraph, the payment platform has been looking for ways to add blockchain applications into its current network for making money transactions quicker, but settlements will happen on the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system, a non-profit cooperative society created by European bankers. 

Moreover, Cointelegraph noted that at Visa’s annual shareholder meeting, AI Kelly, former CEO, informed on the firm’s plans towards central bank digital currencies (CBDCs) and private stablecoins, claiming that “stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space, and we have a number of initiatives underway.”

“We’re thinking a lot about how to take some of the value that Visa provides on existing bank rails, with existing forms of beyond in a rebuild that on top of blockchain rails, using stable boards. If we think there are huge opportunities in that area, it just kind of stays on emerging,” Sheffield highlighted. 

(With insights from Cointelegraph)

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First published on: 06-02-2023 at 13:37 IST