Visa teams up with Consensys to develop technology for digital currency payment system

dailyrecord.co.uk:

Global payments giant Visa has partnered with blockchain technology solutions firm Consensys to develop technology for Central Bank Digital Currencies (CBDCs).

Announcing plans to launch in the spring, Visa wants to build an on-ramp, or a ‘sandbox’ for central banks to mint CBDCs using Consensys’ Quorum protocol, reports Coin Bureau.

Visa and Consensys will use a ‘two-tier’ distribution system for CBDCs where central banks can use Quorom to set the coin’s monetary attributes, and then use Visa’s payment channels to distribute it to financial institutions.

Data from The Atlantic Council suggests that 87 countries representing 90 per cent of the world’s GDP are exploring CBDCs in some shape or form.