Visa and ConsenSys have begun a partnership to develop technologies for central bank digital currencies (CBDCs). The solutions will be able to integrate directly with existing systems.
Visa and ConsenSys take on the CBDM industry
Payments giant Visa and blockchain technology provider Consensys are consulting with central banks around the world. They want to understand their needs in terms of MNBC infrastructure, according to a report from The Block.
The developed technology intends to integrate with existing payment modules. This means that companies will be able to easily take over the system to offer payment cards, wallets or similar tools.
ConsenSys is already well established in the MNBC sector. In France, it has tested the digital euro alongside Société Générale. It has also partnered with the governments of Australia, Hong Kong and Thailand.
A long-term project
According to Catharine Gu, the head of MNBCs at Visa, the development of these technologies will be a long-term project:
“The next two to three years are going to be critical. The main challenge will be to understand how these new forms of money can coexist with the payment methods and systems that are already present.”
Again, interoperability will be the key word. The majority of major central banks are currently working on MNBC projects. This is a very new area that can be very important, so it’s no surprise that companies like ConsenSys or Visa don’t want to miss the boat.
