Visa and ConsenSys to Develop a Solution for Using Government Cryptocurrencies for Everyday Payments

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Payment giant Visa and ConsenSys have announced a partnership to develop a solution for using government cryptocurrencies for day-to-day payments.

As Catharine Gu, head of global products for government cryptocurrencies at Visa, told The Block, the companies consulted with central banks in several countries to determine the prospects for the development of this solution.

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In the future, users will be able to use plastic Visa cards linked to digital currencies of central banks, or electronic wallets with state cryptocurrencies, in any store that accepts Visa payment cards.

“If government cryptocurrencies are successful, they will be able to expand access to financial services for the population and make government payments more efficient and secure. This is an attractive offer for officials and politicians, ”Gu stressed.

As part of the partnership, the Visa payment module will be integrated into the ConsenSys infrastructure, so that corporations using the blockchain will have access to such payments. In the spring, the companies plan to conduct a pilot launch of payments in state cryptocurrencies.

“The next two or three years will be extremely important. The key issue is understanding how new forms of money can coexist with existing payment systems, ”says Gu.

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Note that the ConsenSys company helps regulators in Australia, France, Hong Kong and Thailand in the research and development of government cryptocurrencies.

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