Visa has announced that it will accept cryptocurrency USD Coin on its payment network. The value of the USD Coin or USDC is pegged directly to the U.S. dollar. The financial firm has launched a pilot program with Crypto.com, a payment and crypto platform. Visa plans to add more partners to the services later this year. The move has come at a time when BNY Mellon, BlackRock and Mastercard are embracing digital coins.
India will table a bill to ban cryptocurrencies, fine traders or even holding such digital currencies. The bill is said to be one of the world’s strictest law against cryptocurrencies as it will criminalise possession, issuance, mining, trading and transferring of cryptocurrencies. India, when the bill become law, will be the first major country in the world to make even holding these digital currencies illegal. China has banned mining and trading but does not penalise possession.
With the government planning to introduce an official digital currency, IAMAI said that the move need not necessarily lead to a “ban” on other crypto assets. It also said that the existence and use of crypto assets by Indian consumers opens up a wide scope for Indian entrepreneurs to issue such currencies and it is likely that Indians who comprise 15% of the global buyers will prefer an Indian crypto asset.
As central banks try to decide whether they can launch digital versions of their currencies, Mastercard is creating a platform to help them virtually test how digital currencies could be developed and used. The platform enables the simulation of issuance, distribution, and exchange of central bank digital currencies between banks, financial service providers and consumers. Central banks are in the early stages of looking at the potential of digital currencies.