Right in the footsteps of it’s global competitor MasterCard, Visa Inc is offering central banks the chance to explore CBDC retail applications such as the eNaira.
According to Cuy Sheffield, Visa’s head of crypto, stablecoins and CBDCs will coexist in the future and there will be multiple approaches to creating products based on them.
Nairametrics, reported that in response to fears that cryptocurrencies may destabilize financial markets or replace fiat currencies, governments around the world have been exploring the release of central bank digital currencies.
Blockchain could be a way to utilize government-backed digital assets, which are more efficient and faster than traditional electronic transactions. Payment service providers may therefore see these as a safe and secure method of using blockchain.
MasterCard launched a similar platform to test CBDC in 2020. Further, Visa is currently offering payment cards linked to USD Coin, a stablecoin issued by a consortium including Circle Internet Financial Inc.
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