Cryptocurrency

Visa to Launch Digital Currency Testing Platform

Visa to Launch  Digital Currency Testing Platform

  • Visa is now offering central banks a way to test retail applications for digital currencies
  • The leading card payment firm follows in the step of rivals Mastercard who made the same update recently
  • The company will begin a pilot program this Spring within a few months after discussions with 30 central banks

Visa Inc. has joined rivals MasterCard to offer central banks a way to test retail applications for digital currencies that they intend to launch.

Visa

The card payment company will pilot this program in the coming months with blockchain software company ConsenSys Inc.

According to Bloomberg, the decision follows discussions with roughly 30 central banks that intend to launch government-backed digital currencies.

Governments of various countries have been giving thought to the launch of digital currencies over fears that growing cryptocurrencies could destabilize financial markets or replace fiat currencies.

Nigeria became one of the first countries to embrace the use of these blockchain virtual currencies with the launch of the eNaira in October 2021.

Visa’s head of cryptocurrency, Cuy Sheffield says:

“We think that stablecoins and CBDCs will coexist in the future and there’ll be a number of different approaches to creating products based on that,”

Read also: Kim Kardashian and Mayweather Sued by EthereumMax Investors

More payment service providers now see government-backed digital assets as a safe way to utilize the blockchain and process transactions more efficiently.

Bitcoin

Visa’s decision follows a similar one by MasterCard to launch a testing platform for CBDCs in 2020.

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