Visa, the world’s largest payment network, has partnered with ConsenSys to facilitate the development of CBDCs.
Currently, most central banks and commercial banks are attempting to implement blockchain technology to advance the payment system while also providing the financial system with a high potential to keep up with the trend. Because of their lack of experience in blockchain development, most banks are falling behind in creating their stable currency or Central Bank Digital Currency (CBDCs).
The collaboration between ConsenSys, a blockchain technology provider, and Visa’s Blockchain giant team is remarkable. This collaboration’s primary purpose is to assist in the development of CBDCs.
In an interview with theblockcrypto, Visa’s head of CBDCs, Catharine Gu, detailed the company’s goal and said that both parties are in negotiations with several Central banks across the globe to provide assistance in the deployment of CBDCs via its team.
Gu also remarked that the next years would be crucial for companies to grasp the function of CBDCs in the payment system, as well as a test of how money may exist in two forms concurrently.
Both of these firms are working on furthering the convergence of CBDCs with conventional digital payment systems. That is, they will link the Visa payment system with CBDC-based channels, allowing users to adopt CBDCs without encountering any problems or constraints quickly.
Now Businesses will be able to deploy blockchain technology more efficiently due to the Visa payment system’s integration with ConsenSys’ blockchain technology.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.