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Visa To Launch Central Blockchain System For Digital Currencies 

Visa To Launch Central Blockchain System For Digital Currencies

A visa (from the Latin charta visa, meaning “paper that has to be seen”)[1] is a conditional authorization granted by a territory to a foreigner, allowing them to enter, remain within, or to leave that territory.

PUNCH reports that Visa has said it is working on an interoperability system that would work across different blockchain networks and connect different Central Bank Digital Currency networks across the world.

In a report filed by PUNCH, the system would be called the Universal Payment Channel. The payment company said, “While digital currencies may not be a part of your daily financial life today, it’s likely that they will play an important role in the future. Information Guide Nigeria

Visa said, “Over the past two years, central banks around the world have shown an increasing interest in exploring CBDC — a new, digital form of central bank money that can be used directly by consumers, merchants, and financial institutions. 

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“In the coming years, many central banks will likely implement some form of a digital ledger. Central banks will select the tech stacks and design protocols that make the most sense for their constituents, taking factors like governance, market requirements, technology providers, compliance standards, and nation-specific priorities into consideration.”

According to PUNCH, the payment company added that its UPC will increase digital currencies transaction speeds making CBDC useful and attractive for consumers and businesses globally.

Visa notes that for the two CBDCs to be successful, a great consumers experience and widespread acceptance. This means the ability to make and receive payments, regardless of currency, channel, or form factor.  Jamb result

According to Visa, its UPC hub would connect different blockchain networks by establishing dedicated payment channels between them, connecting CBDC networks between countries, and connecting CBDC networks with vetted private stablecoin networks. 

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Idongesit Akpa-Ayang

Idongesit is a graduate of Communication Arts, University of Uyo. Currently working as a news reporter at InfoGuide Nigeria.

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