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Visa launches pilot programme for central banks to test digital currencies: Report

It gives a chance for central banks to examine the use cases for their respective digital currency, prior to full rollout.

Visa will pilot a programme in April this year that will offer central banks a way to test retail applications for digital currencies (CBDCs), according to a report in Bloomberg. The company is launching this programme in collaboration with ConsenSys Inc.—a blockchain software company, the report added. Visa had a discussion with nearly 30 central banks on their goals concerning CBDCs, the report said. Its partner, ConsenSys, has previously collaborated with several central banks to test CBDCs, including the Hong Kong Monetary Authority, the Reserve Bank of Australia, and the Bank of Thailand. The company is led by Ethereum co-founder Joseph Lubin. Several central banks are exploring the option of CBDCs as a bulwark against cryptocurrencies' growing popularity. Many of these banks view crypto as an existential threat. The pilot programme could prove to be useful in facilitating a faster rollout…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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