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Visa Partners With ConsenSys to Help CBDCs bridge with Traditional Finance
Visa and Ethereum scaling firm ConsenSys have partnered up to assist central bank digital currency (CBDC) networks connect with traditional financial institutions. Customers will be able to use their CBDC-linked Visa card or digital wallet anywhere Visa is accepted globally, according to Catherine Gu, Visa's head of CBDC, who spoke with ConsenSys in a blog post-Q&A.
"If successful, CBDC could expand access to financial services and make government disbursements more efficient, targeted and secure – that's an attractive proposition for policymakers," Gu said.
According to Gu, Visa's CBDC Payments Module was established as an onramp for CBDCs to current payment networks. She went on to say that banks and issuer processors will be able to plug into the module and integrate their existing infrastructure. The payments company's crypto teams expect to collaborate with central banks on pilot and prototype scenarios starting in the spring.
In early December, Visa announced the formation of worldwide crypto advising practise to assist financial institutions in developing their cryptocurrency operations as demand for crypto goods grows.
Meanwhile, ConsenSys, with the support of Mastercard's technical team, released "ConsenSys Rollups" to enable expansion on both the Ethereum mainnet and for private use.