The Head of Crypto at Visa, Cuy Sheffield, wrote on Twitter that central bank digital currency (CBDC) is "one of the most important trends for the future of money and payments over the next decade."
Sheffield points out that the influence of governments on the CBDC besides the global adoption of bitcoin (EXANTE: Bitcoin) "will have major implications" for privacy, monetary sovereignty, geopolitics and financial accessibility.
"...it's worth closely following the active debate around if CBDCs should be created and how specifically they should be designed and implemented," Sheffield highlighted.
Sheffield also claims a sustained stream of content from many experts, academics, and organization has made it harder for financial institutions to keep up with the latest trends.
In the meantime, iHodl previously reported that Canada's central bank, the Bank of Canada, issued an analytical note for CBDCs.
The bank explains that a CBDC should be designed to include many of the attributes of traditional cash (ease of use, portability, offline function).
In May, the multi-regional fintech corporation filed a patent for a blockchain-based digital fiat currency.
The application describes a digital fiat currency system for managing digital fiat currency generated based on physical currency.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.