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Visa and ConenSys want to set up a CBDC infrastructure

 


Visa has partnered with the blockchain tech company ConsenSys. Together they want to create an infrastructure for digital central bank currencies (CBDC). To this end, one is currently in exchange with currency authorities around the world.



The payment giant announced its cooperation with ConsenSys in a blog post .

The new platform is intended to act as an on-ramp for existing payment networks. For example, companies could offer CBDC-linked payment cards or wallet certificates.

Visa expects completion in the spring of this year. We are currently working on integrating the Visa payment module into the ConseSys infrastructure.

In general, they are in close contact with central banks around the world. A two-stage sales model is currently planned. The monetary authorities could design their CBDC on ConsenSys Quorum. The CBDC would then be sold to financial intermediaries via Visa’s infrastructure, the press release said.

In addition to the partnership with Visa, ConsenSys is already supporting Australia, France, Hong Kong and Thailand in the development of their own CBDC.

Central bank digital currencies are a hot topic in the financial industry right now. Many countries are in an intense process of designing CBDC as an option to complement traditional cash.

China is currently in pole position in terms of development. The USA wants to carry out five pilot projects by May 2022 , after which there should be a clear framework for the e-dollar. The ECB is currently in an investigation phase that is investigating the usefulness of a digital central bank solution in the euro area.

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