CBDCs Are The Most Important Trend In Payments: VISA Crypto Chief

The head of crypto at VISA is in the latest cryptocurrencies news, claiming that CBDCs are the most important payments trend in the next decade. Also known as central bank digital currencies (CDBC), these are one of the most important trend over the next couple of years.

We are talking about Cuy Sheffeld, who is in charge for crypto projects at Visa. He recently 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 global adoption of crypto dollars and Bitcoin.”

1/ I'd argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade.

Regardless of anyone's personal views of whether it's good or bad, the reality is that global interest in it is not going away

— Cuy Sheffield (@cuysheffield) July 3, 2020

Furthermore, he noted:

“I’d argue that central bank digital currency (CBDC) is one of the most important trends for the future of money and payments over the next decade. Regardless of anyone’s personal views of whether it’s good or bad, the reality is that global interest in it is not going away.”

CBDCs are the most important step in the future of crypto, according to Sheffleld. Known as a major proponent of CBDC for a while now, he also spoke on the topic in May and said that central banks are not interested in consumer-facing digital currency solutions.

2/ As governments evaluate CBDC, the path that they decide to take will have major implications for privacy, monetary sovereignty, geopolitics, and financial inclusion, as well as global adoption of crypto dollars and Bitcoin

— Cuy Sheffield (@cuysheffield) July 3, 2020

On the other hand, we can also see the VISA is not shy when talking about digital currencies. Earlier this year, the company filed a digital currency patent application. For those of you who haven’t read our crypto regulation news, recently central banks have been experimenting with the idea of offering digital currencies themselves.

And while many would agree that CBDCs are the most important step in the further adoption of cryptocurrencies, the Bank of Japan put this into practice – they announced that they would test out the feasibility of a digital Yen to see whether it can provide universal access and resilience to those who want to use these virtual currencies.

Obviously, Japan is only one of the countries that are pushing for this adoption of CBDCs. In other news, we also have the United States working on its Digital Dollar, as well as China pioneering the cryptocurrency and blockchain space with a digital Yuan as a big project which still does not have an official launch date.