CBDC [Central Bank Digital Currencies], or, might just be one among the foremost important trends over subsequent decade claims Visa’s head of crypto.
Cuy Sheffield, who operates credit card giant Visa’s cryptocurrency projects, revealed that “as governments evaluate CBDC, the path they plan to take will have some major implications for privacy, monetary sovereignty, geopolitics, as well as financial inclusion, along with global adoption of crypto dollars and Bitcoin.” He added:
“I’d argue that the CBDC [central bank digital currency] is one among the foremost important trends for the upcoming trends of money and payments over subsequent decade. No matter anyone’s personal views of whether it’s good or bad, the truth is that global interest in it’s not departure.”
Sheffield has been a proponent of CBDC for a some time now. In May, Sheffield said central banks aren’t curious about consumer-facing digital currency solutions. Visa has not been shy about its interest in digital assets. The company filed a crypto currency related patent application earlier this year.
Central banks are experimenting with the thought of offering digital assets to themselves. The Bank of Japan announced it might test out the feasibility of a digital Yen to ascertain if it can provide universal access and resilience to those who want to employ the virtual currency. Japan is simply one among a couple of nations watching digital currencies. China might be coming out with a digital Yuan soon though no date has been revealed yet.