Today Visa said it plans to offer central banks and financial institutions a central bank digital currency (CBDC) offering later this spring. The payment provider developed the Visa CBDC Payment Module and in conjunction with ConsenSys its CBDCgo proof of concept was one of the winners of Singapore’s MAS Global CBDC Challenge.
However, that solution was a proof of concept, and in the spring, it will start working on pilots and prototypes of specific use cases and consulting work will include its Crypto Advisory Practice which it launched in December. The company envisions the CBDC experience as similar to payments today with a CBDC-linked Visa card or tapping a digital wallet.
The Visa / ConsenSys solution is designed as a two-tier solution for CBDCs. It uses enterprise blockchain ConsenSys Quorum and the Visa CBDC Payment Module is being integrated with the ConsenSys Codefi CBDC sandbox. One of the challenges is that blockchain confirmations on Quorum take around ten seconds. Hence the team created a double spend prevention mechanism for the CBDC Challenge competition.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
