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News In Brief Business and Economy

VISA is testing a platform to support Central Bank Digital Currencies

News In Brief Business and Economy

VISA is testing a platform to support Central Bank Digital Currencies

News Synopsis

Visa is testing a new platform under a partnership with ConsenSys aiming at supporting the central bank's digital currencies. The new technology will provide an “on-ramp'' for CBDC to existing payment networks. The head of CBDC at Visa said that the platform will allow the banks and companies to plug into their existing modules and seamlessly integrate their infrastructure to issue CBDC-linked payment cards.

Mastercard has also launched a similar CBDC testing platform in December 2020 with ConsenSys, which is currently the leading platform in ethereum software companies. ConsenSys has also been engaged with several central banks for the testing of CBDCs including Hong Kong and Australia.

CBDC can expand access to financial services. It will allow the central authority to send fast payments to a targeted set of users and program-specific spending parameters. CBDCs are still surrounded by multiple controversies.  

Currently, 87 countries are exploring their own CBDCs and major economies like China and South Korea are already in the pilot stage of CBDC. Nine countries have already fully launched their CBDCS.

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