July 23, 2024
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Visa and ConsenSys collaborate on CBDC technology

Visa

Visa has partnered with ConsenSys, a blockchain technology company, to develop new infrastructure to assist the introduction of central bank digital currencies (CBDCs).

Visa’s head of CBDC, Catharine Gu, explains that the two have been talking with central banks. Of course, all around the world regarding the currency’s development and potential.

Companies will be able to connect infrastructure to issue CBDC-linked payment cards or wallet credentials using the new Visa and ConsenSys Technology. Which will be able to plug into current payment modules. Its purpose is to act as an on-ramp for existing networks.

The two companies are working together to integrate Visa’s payment module with ConsenSys’ infrastructure. That’s, and so that the platform may take advantage of corporate blockchain technology.

Then, Visa’s head of CBDC, Gu confirms they are now looking into pilot cases to test usability in the spring.


“The next two to three years will be critical” in understanding the role CBDC will play in payments systems in the future.
So, she says
“The key challenge is understanding how new forms of money”
“can coexist with existing means of payments and existing systems.”

Also, Shailee Adinolfi, director of strategic sales at ConsenSys adds that interoperability is also a challenge.
“We’re looking at addressing problems in a hands-on fashion,” she confirms.

CBDCs are a hot issue among governments and entrepreneurs alike.
Then,
Payment watchdogs have questioned their utility and potential influence on the financial system.

So,C onsenSys has already aided the development of CBDCs in Australia, France, Hong Kong, and Thailand. Because of its scalability and privacy qualities, Adinolfi claimed it had identified ethereum as the most frequently requested cryptocurrency by governments in development.

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