Visa he intends, like PayPal, to jump into the fray of digital currencies. These are not cryptocurrencies such as a Bitcoin, a Dogecoin or the like. In fact, according to what revealed by the company itself on its official website, the payment giant is working on a "token" (so to speak) completely centralized. This means it won't travel on the blockchain of any other digital currency in circulation (protocol), but it will controllata and centralized. Let's go see the details.
After PayPal, Visa also announces that it is working on a central bank digital currency (CBDC). Everything is centralized and controlled
Visa spoke about plans to build his own digital currency which currently has no name. However, we know, according to the statements of the officers, that it will be Central Bank Digital Currency (CBDC). This means in a nutshell that banks will be able to experiment with this currency by "hooking" it to their networks. This is a positive sign for the whole world of cryptocurrencies, given that the tendency of banks is to despise this currency since poco controllable.
Visa has currently signed a partnership with ConsenSys, a company that deals with the development of blockchain software. This partnership was born for create an infrastructure able to help central banks and all credit institutions. Catherine Gu, Visa's Global Head of CBDC said:
If implemented successfully, CBDCs could expand access to financial services and make government disbursements more efficient, targeted and safer. This is an interesting possibility for policy makers
Catherine Gu, Visa's Global Head of CBDC
Shailee Adinolfi, Director of Strategic Sale at ConsenSys, said something much more interesting:
...around two thirds of non-banked individuals worldwide have their own mobile phones. As digital currencies can be distributed via both mobile devices and physical cards, they could reach all those people living in remote areas with limited access to banks and physical money.
Shailee Adinolfi, Director of Strategic Sale at ConsenSys
As Adinolfi put it, history has a completely different value. It will serve to increase the volume of income but the goal (at least in words) is to reach out to those who don't have a bank account.
