{"id":212598,"date":"2022-01-14T00:00:57","date_gmt":"2022-01-13T18:30:57","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=212598"},"modified":"2022-01-13T20:30:17","modified_gmt":"2022-01-13T15:00:17","slug":"visa-consensys-partner-to-build-a-cbdc-sandbox-for-countries-and-institutions","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/visa-consensys-partner-to-build-a-cbdc-sandbox-for-countries-and-institutions\/","title":{"rendered":"Visa, Consensys partner to build a &#8216;CBDC Sandbox&#8217; for countries and institutions"},"content":{"rendered":"<p>Payments giant Visa has deepened its involvement in the digital currency space with a new partnership focused on central bank digital currencies (CBDC). The firm has teamed up with blockchain technology leader Consensys to build bridging solutions for traditional financial institutions.<\/p>\n<p>This is ultimately aimed at enabling customers to use their CBDC-linked Visa card or digital wallet anywhere that it is accepted.<\/p>\n<h3>A &#8216;CBDC Sandbox&#8217;<\/h3>\n<p>The payment provider has developed the Visa CBDC Payment Module as an on-ramp for CBDCs to existing payment networks. Banks and issuers will be able to plug into the module and integrate it with their existing infrastructure, said Catherine Gu, Visa\u2019s head of CBDC in a <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/blog\/bdp\/2022\/01\/13\/envisioning-a-future-1642034573970.html\">blog post<\/a>. She added,<\/p>\n<blockquote><p>\u201cIf successful, CBDC could expand access to financial services and make government disbursements more efficient, targeted and secure \u2013 that\u2019s an attractive proposition for policymakers.&#8221;<\/p><\/blockquote>\n<p>A &#8220;CBDC Sandbox&#8221; is expected to be released in the spring where central banks would be able to experiment on pilot and prototype cases.<\/p>\n<p>The partnership is going to employ a &#8220;two-tier&#8221; distribution mechanism, according to the post. Banks would first be required to design and mint their currencies using Consensys&#8217; Quorum protocol after which they use Visa\u2019s infrastructure to distribute the currency via financial intermediaries like commercial banks.<\/p>\n<h3>Visa taking crypto seriously<\/h3>\n<p>Just last month, Visa had launched a <a href=\"https:\/\/visa.gcs-web.com\/news-releases\/news-release-details\/visa-introduces-crypto-advisory-services-help-partners-navigate\">global crypto advisory<\/a> service for banks and financial institutions in order to help them in expanding into the cryptocurrency sector. While this CBDC venture could be seen as Visa&#8217;s latest attempt at integrating into the fast-emerging digital currency economy, its competitor Mastercard actually thought of it first.<\/p>\n<p>The other payments giant had <a href=\"https:\/\/fortune.com\/2020\/09\/09\/mastercard-launches-digital-currency-kit-for-central-banks\/\">launched<\/a> its own platform for central banks and financial institutions to test their CBDCs back in September 2020. Mastercard also partnered with Consensys last year to build &#8220;Consensys Rollups&#8221; that enable scalability for both <a href=\"http:\/\/ambcrypto.com\/tag\/eth\/\">Ethereum<\/a> and private blockchains.<\/p>\n<p>Consensys itself ventured into the CBDC sector much earlier and is additionally helping Australia, France, Hong Kong, and Thailand develop their digital currencies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Payments giant Visa has deepened its involvement in the digital currency space with a new partnership focused on central bank digital currencies (CBDC). The firm has teamed up with blockchain technology leader Consensys to build bridging solutions for traditional financial institutions. This is ultimately aimed at enabling customers to use their CBDC-linked Visa card or<a href=\"https:\/\/ambcrypto.com\/visa-consensys-partner-to-build-a-cbdc-sandbox-for-countries-and-institutions\/\">Continue reading <span class=\"sr-only\">&#8220;Visa, Consensys partner to build a &#8216;CBDC Sandbox&#8217; for countries and institutions&#8221;<\/span><\/a><\/p>\n","protected":false},"author":44,"featured_media":212614,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[66,3,4,20],"tags":[],"class_list":["post-212598","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Visa, Consensys partner to build a &#039;CBDC Sandbox&#039; for countries and institutions - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Payments giant Visa has deepened its involvement in the digital currency space with a new partnership to build a &#039;CBDC Sandbox&#039;...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ambcrypto.com\/visa-consensys-partner-to-build-a-cbdc-sandbox-for-countries-and-institutions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Visa, Consensys partner to build a &#039;CBDC Sandbox&#039; for countries and institutions - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Payments giant Visa has deepened its involvement in the digital currency space with a new partnership focused on central bank digital currencies (CBDC).\" \/>\n<meta property=\"og:url\" content=\"http:\/\/ambcrypto.com\/visa-consensys-partner-to-build-a-cbdc-sandbox-for-countries-and-institutions\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-13T18:30:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2022\/01\/open-sign-g3046d459d_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anjali Jain\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/AnjaliJain97\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anjali Jain\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"http:\\\/\\\/ambcrypto.com\\\/visa-consensys-partner-to-build-a-cbdc-sandbox-for-countries-and-institutions\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/ambcrypto.com\\\/visa-consensys-partner-to-build-a-cbdc-sandbox-for-countries-and-institutions\\\/\"},\"author\":{\"name\":\"Anjali Jain\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/21c87f0f09bee16fdab29a84b20a4a3b\"},\"headline\":\"Visa, Consensys partner to build a &#8216;CBDC Sandbox&#8217; 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