Visa: CBDC is the most important trend in payments

According to Visa’s Head of Crypto, Central Bank Digital Currencies, or CBDC, seems to be one of the most important trends over the next couple of years.

Visa head of crypto says CBDC is the important payments trend in the next decade https://t.co/jRPMY9BJpJ

— Cointelegraph (@Cointelegraph) July 5, 2020

Cuy Sheffield, who runs Visa, the credit card giant’s crypto projects, tweeted that “as governments evaluate CBDC, the path they decide to take will have major implications for privacy, monetary sovereignty, geopolitics, and financial inclusion, as well as the global adoption of crypto dollars and Bitcoin.” 

He stated that although he could argue on central bank digital currency (CBDC) as being one of the most important trends for the future of money and transactions. However, in spite of anyone’s personal views regarding it, in reality, the global interest in CBDC does not seem to go away.

Sheffield has been an advocate of CBDC for some time now. In May, Sheffield stated that central banks are not inclined towards consumer-facing digital currency solutions. Visa has shown its keen interest in digital currencies and even filed a digital currency patent application earlier this year.

A number of central banks have been experimenting with the idea of providing digital currencies themselves. The Bank of Japan claimed that it would test out the feasibility of a digital Yen to make sure it can provide universal access and resilience to those who want to use the virtual currency. 

Japan is just one of the few countries to consider digital currencies. China also has plans of coming up with a digital Yuan soon, although no date has been disclosed yet.