Visa joins Mastercard and PayPal that are improving their approaches to cryptocurrencies
Shortly after Mastercard showed its position on cryptocurrency, Visa published a blog announcing that the payments giant is advancing its approach to digital currency. It is rumored that PayPal recently partnered with Paxos to provide cryptocurrency trading services.
Visa described three values that will evolve its digital currency strategy, including maintaining robust data protection standards; remaining network and independent currency; and partnership with projects aligned with Visa’s existing experience.
Visa has been working with the World Economic Forum to collaborate on a set of policy recommendations for central banks that are exploring central bank digital currencies (CBDC). The blog post read:
“As part of this public sector strategy, Visa has been engaging with policy makers and global organizations to help shape the dialogue and understanding of digital currencies; this includes our work with the World Economic Forum and our collaboration on a set of policy recommendations for central banks that explore the Central Bank’s digital currency (CBDC) concept. “
The payments giant added that the company works with leading companies and the public sector to address the concerns of political leaders and regulators on a number of issues about cryptocurrencies, including consumer protection and payment resilience.
Coinbase and Fold are also working with Visa to bridge cryptocurrencies with Visa’s 61 million merchants. Visa further stated that there may be new digital currency projects to come:
“We believe that as digital currencies they have the potential to extend or the value of digital payments to a greater number of people and places. As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you in this work in the coming months. “
Mastercard grants the first major cryptocurrency association license
In the same week, Mastercard granted the encrypted payment platform Wirex a primary membership license to allow the issuance of payment cards.
Mastercard has announced the expansion of its cryptocurrency acceleration program, which extends an invitation to cryptocurrency partners and emerging brands and FinTechs encryption cards.
The granting of Mastercard’s main association allows Wirex to issue payment cards directly to consumers, which will facilitate the purchase, maintenance and exchange of various traditional currencies and cryptocurrencies. Consumers can instantly convert their cryptocurrencies into traditional fiat currency, which can be spent anywhere that Mastercard is accepted worldwide.
Visa applied for a blockchain-based digital currency patent
Visa has applied for a new patent application to create a blockchain-based digital currency on a centralized computer, according to a U.S. Patent and Trademark Office (USPTO) publication, originally filed in November 2019.
The patent has been described as “Fiat digital currency”. The US dollar was mentioned as one of the fiat currencies to be potentially used, although the patent could also apply to other central bank digital currencies, including the pound, the yen and the euro.
Filed by Simon J. Rush and Alexander Pierre with the Visa International Service Association, the app noted that Ethereum could be used as a possible network for digital currency.
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