The path is hard
As we've witnessed with Ripple Labs, and as is mentioned prominently in the Visa blog, executing such projects is more than just a technical matter.
In fact, one might argue that navigating the global regulatory challenges is far more difficult then the coding itself.
As we wrote yesterday, some of the top central bankers of the world, the people who are tasked with overseeing global monetary policy, are quite concerned about stablecoins and their transformative potential, claiming that they are outside of the current regulatory perimeter.
So they're obviously watching this space very closely, and with an extremely cautious eye. It's curious then that the Cornell paper doesn't do much to address how these concerns may be assuaged.
In the last paragraph of their blog post, Visa is basically opening it up to forward-thinking policy makers, among others, to get their take.
It makes a lot of sense for Visa to open things up for discussion and feedback from regulators before trying to force through their solution, although that didn't really work for Facebook.
As we can recall, congressional hearings on the Libra project were less than fruitful for the world's largest social network.
