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Central bank digital currencies could flow on Visa’s network
7 April 2022
AFR: Visa’s San Francisco-based head of cryptocurrencies, Cuy Sheffield, says the payments giant has made good progress towards providing the network infrastructure for the potential digital currencies of the future.
“I think the big question for us [Visa], it’s really what payment rail does a stablecoin or CBDC run on?,” he said. “And today what we’re seeing is they’re actually many, if you just look at a stablecoin, like USDC [US dollar stablecoin] it’s actually issued on eight different blockchains.”
In March 2022, US President Joe Biden signed an executive order instructing US regulatory, government, and prudential agencies to research and assess the merits of a US CBDC.
US Treasury Secretary Janet Yellen has said she was “yet to form an opinion” on whether or not a US CBDC launched by the Federal Reserve is a good idea.
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