Visa and ConsenSys have started a partnership to develop central bank digital currencies (MNBC) technologies. The solutions will be able to integrate directly into existing systems.
Visa and ConsenSys tackle the MNBC sector.
Payments giant Visa and blockchain technology provider Consensys presently consult with central banks worldwide. According to information from The Block, they want to understand their MNBC infrastructure needs.
The technology developed the account to integrate with existing payment modules. This latest development means that companies can easily use the system to offer payment cards, wallets or tools of this type.
The ConsenSys company is already well established in the MNBC sector. In France, it was she who tested the digital euro alongside Société Générale. It has also partnered with the governments of Australia, Hong Kong and Thailand.
A long-term project
According to Catharine Gu, head of MNBCs at Visa, the development of these technologies will be long-term:
“The next two to three years are going to be crucial. The main challenge will be to understand how these new forms of money can coexist with the means of payment and systems that are already present.“
Here too, interoperability will be the keyword. The majority of major central banks are currently working on MNBC projects. This very new sector can prove to be capital, so it’s no surprise that companies like ConsenSys or Visa don’t want to miss the train.
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