- Visa has signed a contract with blockchain developer ConsenSys
- They will create technology that will integrate CBDC digital currencies with banking operations around the world
- CBDC can be used wherever Visa is accepted
Payment giant Visa has partnered with ConsenSys, a software developer that scales the Ethereum network. They have conceived a massive project that combines central bank digital currencies (CBDCs) with payments around the planet.
What will happen in the end
Thanks to the new ecosystem, customers will be able to use their Visa card or digital wallet linked to CBDC, wherever Visa is accepted.
“This project will expand access to financial services. Going forward, it will help improve the security of government payments, make them more targeted and efficient, ”writes Katherine Gu, Visa’s CBDC Leader, in her blog.
She added that Visa will become a bridge for CBDCs to the existing payment systems. At the same time, such a transition will be as easy as possible: banks and state issuers should simply connect to the ecosystem and integrate their infrastructure here.
The Visa Cryptocurrency Department will launch the first pilot programs with central banks in spring.
Ukraine also needs in such technologies, because the Ministry of Digital Industry has already launched a pilot CBDC project. So far, E-Hryvnia is being tested only by employees of the DIA, but if everything goes well, the state will launch the digital currency already in 20140 year.