Saudi Press

Saudi Arabia and the world
Monday, Jun 02, 2025

Visa announces plans on e-money

Visa announces plans on e-money

Payments giant teams up with blockchain firm to help create tech framework for CBDCs
Global financial service provider Visa and blockchain software firm ConsenSys have announced plans to build a platform for creating and launching central bank digital currencies (CBDCs).

“If successful, CBDC could expand access to financial services and make government disbursements more efficient, targeted, and secure – that’s an attractive proposition for policy-makers,” Catherine Gu, Visa’s global head of CBDC, said in a blog post Q&A session with ConsenSys, as cited by CoinDesk.

CBDC is essentially a country’s fiat currency in the form of a digital asset, which, unlike cryptocurrencies, is controlled by official monetary authorities – usually central banks. So far, only two countries in the world use a CBDC: the Bahamas and Nigeria. However, other nations have been working on a CBDC release of their own.

According to Gu, Visa’s CBDC payments module will be an extension for CBDCs on their existing payment networks. Banks and issuer processors will be offered the means to plug into the module and integrate their existing infrastructure, she explained.

The module will be a “CBDC sandbox” of sorts, in which central banks can experiment with distributing the coins after creating them on ConsenSys’ ethereum scaling protocol layer, Quorum.

“Central banks are moving from research to actually wanting to have a tangible product they can experiment with,” stated Cuy Sheffield, the vice president of Visa’s crypto department, as cited by Yahoo Finance.

Visa says its crypto teams plan to have completed the module in the coming months, at which point they will be able to start working with central banks on pilot CBDC launches. If the pilots are successful, it envisages its customers will have the means to use their CBDC-linked Visa cards or digital wallets anywhere Visa is accepted.

Last month, the company launched a global crypto advisory practice for banks and other financial institutions, aiming to help them develop their cryptocurrency businesses. It said at the time that “every bank should have a crypto strategy,” noting also that “it’s a critical role for Visa to play to help be this bridge between banks and the crypto ecosystem.”
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
UAE Offers Free ChatGPT Plus Subscriptions to Citizens
Lebanon Initiates Plan to Disarm Palestinian Factions
Iran and U.S. Make Limited Progress in Nuclear Talks
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
Trump Administration's Tariff Policies and Dollar Strategy Spark Global Economic Debate
OpenAI Acquires Jony Ive’s Startup for $6.5 Billion to Build a Revolutionary “Third Core Device”
Turkey Weighs Citizens in Public as Erdoğan Launches National Slimming Campaign
Saudi-Spanish Business Forum Commences in Riyadh
Saudi Arabia and Spain Sign MoU to Boost SME Sectors
UK Suspends Trade Talks with Israel Amid Gaza Offensive
Iran and U.S. Set for Fifth Round of Nuclear Talks Amid Rising Tensions
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
A Chinese company made solar tiles that look way nicer than regular panels!
Indian jet shootdown: the all-robot legion behind China’s PL-15E missiles
The Chinese Dragon: The True Winner in the India-Pakistan Clash
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
The Spanish Were Right: Long Working Hours Harm Brain Function
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
Trump takes a blow torch to the neocons and interventionists while speaking to the Saudis
US and Saudi Arabia Sign Landmark Agreements Across Multiple Sectors
Why Saudi Arabia Rolled Out a Purple Carpet for Donald Trump Instead of Red
Elon Musk Joins Trump Meeting in Saudi Arabia
Trump says it would be 'stupid' not to accept gift of Qatari plane
Quantum Computing Threatens Bitcoin Security
×