Visa partnered with blockchain developer ConsenSys

Thanks to a new project, the cardholders will be able to use CBDC everywhere

13.01.2022 - 11:50

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1 min

What’s new? The payment giant Visa has partnered with ConsenSys, which develops software to scale the Ethereum network. The joint project will bring together the central bank digital currencies (CBDCs) in one place. With the new ecosystem, the bank customers will be able to use CBDC wherever Visa is accepted, Bloomberg reports. The company will launch pilot programs as early as this spring.

The Bloomberg material

How do Visa representatives comment on the project? Catherine Gu, the company's CBDC product development head, said:

“CBDC could expand access to financial services and make government disbursements more efficient, targeted, and secure – that is an attractive proposition for policy makers. With CBDC, a central authority could send fast payments to a targeted set of users and program specific spending parameters.”

The company believes that stablecoins and CBDC can coexist in the future, with several different uses. Earlier, Fed Chairman Jerome Powell addressed the US Senate with a similar thought.

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