World

Visa launches crypto advisory service for financial institutions, merchants

Visa Inc, the world’s largest payment processor, on Wednesday launched a global crypto advisory service for clients such as banks and also merchants, as the adoption of digital currencies gains steam.

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The move by Visa comes against the backdrop of unprecedented investor demand for crypto services and the company’s latest offering is geared towards financial institutions eager to attract or retain customers with a crypto offering, retailers looking to delve into non-fungible tokens (NFTs), or central banks exploring digital currencies.

Visa’s services include educating institutions about cryptocurrencies, allowing clients to use the payment processor’s network for digital offerings, and helping manage backend operations.

“We came to Visa to learn more about crypto and stablecoins and the use cases that are most relevant for our retail and commercial business lines,” said Uma Wilson, executive vice president at UMB Bank, a regional U.S. lender.

A new global study by Visa showed nearly 40 percent of crypto owners surveyed would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.

Visa currently uses its network to allow buying, selling, and custody of digital currency. It also offers a credit card that lets users earn bitcoin on purchases and also allows the use of USD Coin, a stablecoin cryptocurrency whose value is pegged directly to the U.S. dollar, to settle transactions on its payment network.

However, for cryptocurrencies such as bitcoin to be used as a medium of exchange, price stability is needed, Visa’s Chief Financial Officer Vasant Prabhu told Reuters.

“If the price is going to fluctuate from $60,000 to $50,000 in a few hours, it’s a very difficult thing for a merchant to accept (bitcoin) as a currency,” Prabhu said.

“I don’t know if cryptocurrencies like bitcoin will ever be a medium of exchange. Stablecoins will,” he said, adding that Visa would facilitate such transactions when the time was right.

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World

Israel has not met requirements to join Visa Waiver Program: US

Israel has not met eligibility requirements to join the US Visa Waiver Program (VWP), the US State Department said on Wednesday, after Israeli Prime Minister Benjamin Netanyahu said he expected his country to join soon.

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Israel is yet to grant free passage for Palestinian-Americans at its airports and into the occupied West Bank, which Washington says is required for Israel to meet the condition of reciprocity to join the program, which would allow Israelis visa-free access to the United States.

Israel “still has significant work to complete on a short timeline to meet all program requirements” by the end of the fiscal year on September 30, deputy spokesperson Vedant Patel said by email.

The apparent discord came as tensions spiked between the allies over a contested Israeli judicial overhaul plan.

Netanyahu said earlier on Wednesday that new legislation meant Israel would join in September, and that Israel would in the coming months address outstanding requirements, which it did not detail.
It was unclear if Israel planned to change its approach to Palestinian-Americans.

“Participation in the VWP requires that Israel provide equal treatment and entry rights to all US citizens and nationals, at Israel’s ports of entries and checkpoints, just as the United States would grant such visa-free travel privileges to Israeli citizens,” said the State Department's Patel.

“This includes Palestinian-Americans, including those on the Palestinian Authority population registry.”

Before Netanyahu's announcement, his national security adviser, Tzachi Hanegbi, said on Twitter that parliament was due to ratify the last of four bills “that will advance us toward getting the US visa waiver for the citizens of Israel.”

That appeared to refer to the Knesset plenum’s approval in final readings on Wednesday of a law setting up a new national immigration database linked with airline passenger manifests.

Washington had previously called for greater access to databases in Israel about its travelers to the United States.

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World

Sheikh Mansour Bin Zayed Al Nahyan appointed as UAE VP

UAE President Sheikh Mohamed bin Zayed Al Nahyan has appointed Sheikh Mansour Bin Zayed Al Nahyan as the country’s vice president and Minister of Presidential Court, Emirates News Agency (WAM) reported on Wednesday.

Sheikh Mansour was appointed alongside current VP Mohammed Bin Rashid Al Maktoum, who is also the Prime Minister and Ruler of Dubai, according to WAM.

World

Top US general warns of high ammo use in event of major war

America’s top military officer warned Wednesday that war between the United States and another major power would see “off the charts” munitions consumption and said there is work to be done to ensure the country is prepared.

Ukraine and Russia have fired huge amounts of artillery ammunition since Moscow invaded its neighbor in February 2022, sparking concerns about the amount the United States — which has supplied large amounts of shells to Kyiv — has on hand.

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A “big lesson learned comes out of Ukraine, which is the incredible consumption rates of conventional munitions in what really is a limited regional war,” General Mark Milley, the chairman of the Joint Chiefs of Staff, told the House Armed Services Committee.

“If there was a war on the Korean peninsula or a great power war between United States and Russia, United States and China, those consumption rates would be off the charts,” he said.

“We’ve got a ways to go to make sure our… stockpiles are prepared for the real contingencies.”

Milley’s remarks came a day after Undersecretary of the Army Gabe Camarillo said the United States aims to greatly expand the production of artillery shells.

“We’re… investing in production capacity — $1.45 billion to expand the 155 mm artillery production from 14,000 a month to over 24,000 later this year, which includes a sixfold increase in production capacity by FY28 to over 85,000 units per month,” he said at an Association of the United States Army symposium.

The country is also seeking to increase production of Javelin launchers and missiles as well as ammunition for HIMARS precision rocket launchers — equipment that has played a key role in Ukraine’s fight against Russian troops, Camarillo said.