Payments giant Visa partners with Ethereum scaling firm ConsenSys to assist central bank digital currency (CBDC) networks bridge the gap with the conventional financial institutions.
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Catherine Gu, Visa’s head of CBDC stated users will be able to use their CBDC-integrated Visa card or digital wallet that Visa is accepted globally.
Gu further stated that CBDC could expand access to financial services making government disbursements more efficient, targeted, and secure.
Visa’s CBDC Payments Module was designed to link CBDCs to existing payment networks. Banks and issuer processors will become connected to the module and link their existing infrastructure.
The payments firm stated that crypto teams plan to work with central banks on a test program and prototype cases beginning in the spring.
Visa stated in early December that it formulated a global crypto advisory practice to assist financial institutions in forming their crypto businesses as demand for crypto products continues to surge.