Visa plans to create a payment system on the blockchain. and European Commission to launch sandbox blockchain by 2022

Visa plans to create a payment system on the blockchain

Visa is exploring the possibility of creating an offline payment system based on the blockchain. According to the head of the cryptocurrency division of the company, Kai Sheffield, more details will become known during the year.

“So we are continuing to advance research on that front and we’ll hopefully have more to talk about in the coming year.” Sheffield said.

He also added that the company is actively helping central banks develop government digital currencies.

“We think that if a central bank is going to issue a CBDC, they will need to consider a number of the same factors that are facing private companies building tokenized stablecoins,” the specialist said.

European Commission to launch sandbox blockchain by 2022

The European Commission, in an alliance with 30 countries called the European Blockchain Partnership (EBP), plans to launch a pan-European regulatory sandbox blockchain.

This will happen by 2022.

The agency is going to test the blockchain and digital currencies usage cases in the European infrastructure of EBSI blockchain services. EBSI is a joint initiative of the European Commission and EBP that aims to create a cross-border blockchain platform to deliver digital government services across the EU.

The sandbox will also test smart contracts and digital identity. The Commission will pay special attention to the development of a regulatory framework in the field of asset tokenization and the operation of smart contracts.

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