Visa Teams Up With ConsenSys to Connect CBDC Networks With Existing Payment Rails

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Visa Teams Up With ConsenSys to Connect CBDC Networks With Existing Payment Rails
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CBDCs are a hot top topic among regulators worldwide. As such, Visa and ConsenSys will let their consumers use CBDC-linked Visa cards or digital wallets.

Payments firm Visa announced a partnership with blockchain software company Consensys to offer an on-ramp for central bank digital currencies to existing payment networks., the end goal is to facilitate CBDC networks to connect to traditional financial service providers seamlessly.

ConsenSys Quorum is quite similar to the Ethereum protocol but is designed specifically for enterprise applications. In short, Quorum is an open-source version of Ethereum, leveraging which Visa and ConsenSys aim to build a “two-tier CBDC system” for central banks to issue and distribute CBDC. Shailee Adinolfi, director of strategic sales at the blockchain firm, noted that central and smaller banks are interested in exploring Quorum through the pair’s “CBDC sandbox.” Adinolfi cited the increased adoption of Ethereum Mainnet and Layer 2s, as the reason, in addition to “shared common standards, and interoperability between private and public networks.”Challenges With CBDCs

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