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Sunday, September 27, 2020

VISA USE BLOCKCHAIN, HELP CENTRAL BANK'S DIGITAL CURRENCY INTEGRATION


 Reported in an interview with Forbes, two Visa executives, Cuy Sheffield, who serves as Director and Head of cryptocurrency, and Terry Angelos, Head of FinTek Global SVP at Visa, are considering the company's next steps in increasing the adoption of blockchain-based payments for visa clients.

It is planned that this company will also assist the world's central banks in taking advantage of the opportunities of integrating the Central Bank's Digital Currency system.

Terry admitted that the company will later be directly involved with the development of blockchain-based product development and provide opportunities for its clients as actors who play an indirect role in the development of this digital currency.

Not only that, the company will also focus on a network that will continue to work to help improve Visa services. Cuy Sheffield also added that Visa will continue to develop blockchain-based technology in its operating system, along with increasing payment options with cryptocurrencies.


Increasing Adoption of Cryptocurrencies


With Visa continuously improving its blockchain-based technology and cryptocurrency services. This shows that there is a significant increase in interest in cryptocurrencies. Visa itself is the largest financial services company in the world with 60 million trade transactions every day on the network. Currently, at least Visa has supported around 25 blockchain companies including crypto wallets and exchanges around the world.


Visa's Engagement with the Central Bank's Digital Currency


Cuy Sheffield went on to say that Visa's involvement with central banks around the world is very close, plus central bank digital currencies are increasingly in demand. Moreover, information related to the accessibility, acceptance by traders, and the use of the currency will provide a great opportunity for companies to enter and take part in the development of this operating system.

  The company also plans to apply for patents related to a blockchain-based digital currency with a centralized computer system.


 

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