Visa (NYSE:V) has published a paper on its work with central bank digital currencies (CBDCs) and the potential for offline transactions.
- A research paper submitted on Dec. 14 by the credit card giant discusses a model for offline CBDC transactions, proposing an offline payment system (OPS) protocol for the CBDC to allow functioning without internet network access. The collaborators and Visa team members cited that the OPS protocol allows instantaneous transactions using a digital currency across a point-to-point channel in a completely offline mode while also preventing double-spending.
- The paper written out of collaboration among seven senior executives, including Visa's head of crypto, proposes a CBDC model with a two-tier hierarchical trust infrastructure and an additional offline capability to enable transactions between businesses and consumers.