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Visa develops CBDC implementation tool

19.01.2022 Kravox

#usa #visa #developing

The financial giant Visa announced a partnership with ConsenSys to develop a blockchain technology form that will serve the digital currencies of central banks.

Why is it so important?
The CBDC implementation may result in stricter regulation of decentralized cryptocurrencies.

According to Blockworks, the new tool is expected to combine CBDC's new payment technology with the existing financial system. This will lead to a situation where any holder who accepts Visa will be able to operate with digital money.

“We’ve spoken with nearly 30 central banks to understand their perspectives on CBDCs and to identify the ways in which our network, infrastructure and value-added services can support them,” a Visa spokesperson told Blockworks. However, he said he couldn't predict when the CBDCs would officially hit the market.

It is worth noting that CBDC is analogous to common cryptocurrencies. However, while ordinary digital coins are decentralized, CBDC is issued and fully controlled by the country's central bank. The DCEP digital coin, owned by the Chinese central bank, is a prime example.

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