Bitcoin Forum

Very interesting news from Cuy Sheffield, head of Visa’s crypto development department.
The director of Visa’s crypto department stressed that CBDCs (government cryptocurrencies) are the most important payment trend of this decade.
''These types of cryptocurrencies have significant implications for privacy, monetary sovereignty, geopolitics and financial inclusion''
''Earlier this year, VISA filed a patent application that is directly related to cryptocurrencies and blockchain.''

Visa seems to have recognized crypto as a new financial opportunity and they are ready to move in that direction. What do you think about that?

Source: https://twitter.com/cuysheffield/status/1279183095220957184 (https://twitter.com/cuysheffield/status/1279183095220957184)
https://crobitcoin.com/visa-podupire-cbdc-drzavne-kriptovalute/?utm_source=email&utm_medium=newsletter&utm_campaign=news (https://crobitcoin.com/visa-podupire-cbdc-drzavne-kriptovalute/?utm_source=email&utm_medium=newsletter&utm_campaign=news)

The only thing that we can sense on this is that we're near to go fully digital and become a cashless society. The other payment processors is likely to do the same as Visa has already stepped on and showed support for the CBDC.
Excited but not that too excited with the news until we see them rocking and being used by the people. I also hope that they will not just ignore the power of bitcoin.

This is nothing new for Visa. They were among first payment processors who recgonized cryptocurrencies and see that as a new emerging market. They provided crypto debit cards to many services year ago and with time they are only enlarging their support and services. I'm not surprised

Visa has seen a significant business opportunity in CBDCs and hence preparing themselves in advance. Because CBDCs are indeed going to be the biggest payment trend in this decade. With China already started implementing digital Yuan and US is following the same trend, sooner or later, all other countries will follow the same trend. CBDCs are very beneficial for the countries because it will zero down the money printing cost and will gain the hawk's eye view on people's finances.

No benefit for bitcoin or altcoins here though!

I do think if one would think about Government cryptocurrencies being private then they are actually going towards the wrong thing , Government can never provide users with 100% privacy , all these cryptocurrencies are just a scheme to get users to invest in their system using the false advertising of cryptocurrencies !

It is good that VISA might accept those but at the same time in some countries they are even banning the transactions in their bank account which are related to the cryptocurrencies. Then the president is making promises how he will create their own digital cryptocurrencies , the irony is wasted on people like that.

What Visa is doing is just accepting payment in form of a government backed commodity which is bound to stay intact as long as their economy stays intact.

On a different note I do think that governmental bodies should not name these fake digital assets they are creating cryptocurrencies.

Are we supposed to be excited with these news? I mean Visa isn't support open source, community-wide cryptocurrencies. These government cryptocurrencies provides little regard towards user privacy. In a bid for government not to get overshadowed by Bitcoin and other cryptocurrencies, they had to create their own cryptocurrencies to stay in the game and Visa is supporting the movement. Not cool.