A new alliance is being formed to introduce digital central bank money


The card payment service provider will launch a program this spring, which they worked with ConsenSys Block Chain, after roughly It discussed with 30 central banks targets for government-sponsored digital payments.

Governments around the world are exploring the possibility of issuing digital central bank money, the CBDC, for fear that rapidly growing cryptocurrencies could destabilize financial markets or they can even replace the son with money.

Payment service providers see government-backed virtual money as a secure way to use the blockchain that is faster and more efficient than traditional electronic transactions.

Mastercard launched a similar CBDC testing platform back in 2020, Visa would follow with the new software.

Nigeria and the Bahamas are also among the countries that have already introduced the CBDC, and China has already tested the digital yuan in several cities and timed the sharp introduction to the Beijing Winter Olympics. The US Federal Reserve is expected to publish a report in the coming weeks assessing the possibility of introducing a CBDC.

ConsenSys, led by Ethereum co-founder Joseph Lubin, has already worked with a number of central banks to develop CBDCs, including the Hong Kong Monetary Authority and the Reserve Bank of Australia and Thailand.

(Bloomberg)

Cover image source: Getty images


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