The head of the cryptocurrency trends in Visa called the main trend in the world of payments

The development of crypto-currencies from Central banks of different countries is the main trend of the next decade. Sure Kay Sheffield — head of Department for his work on cryptocurrency projects Visa. The expert has published several explanations of his theory on Twitter and shared interesting thoughts. According to him, the government’s interest to develop its own coins, will not fade — like it or not.

Recall that the digital trend of national currencies launched China. The Chairman of the people's Republic of China XI Jinping called on the country and citizens to accelerate the development of the blockchain technology at the end of October 2019. In fact his statement was a public affirmation of the desire of the state to create a similar product.

Note that the digital release of the yuan has not yet taken place, but this much is already known. In particular, the coin will indeed become a better version of ordinary money with high speed of transactions, and other bonuses. However, it will not give the people what give full-fledged cryptocurrency. For example, the ability to manage your money at will and complete independence from any higher authorities. However, in that its task is not. The main purpose of the digital currency China is a serious competition with the dollar. Read more about this in fresh material.

What will be the future of money?

It seems that the primacy in this field is China, as there is a digital version of the national currency develop for several years. According to Sheffield, the trend will pick up in other countries. Here is a quote in which he explains his point of view.

I would say that the digital currency Central Bank (CBDC) is one of the most important trend in the future of money and payments for the next decade. Regardless of anyone’s personal opinions about what is good or bad, the reality is that global interest in this topic is not going anywhere.

That is, according to Sheffield, national digital currency the Central banks will be the next page in the history of global Finance. Moreover, to depart from this trend will not happen.

Ways to develop and focus governments on certain aspects of centralized cryptocurrency may decide the fate of the state of Affairs in geopolitics, privacy and affordability. Moreover, the emergence of full-fledged banking cryptocurrency will definitely play a role in promoting the adoption of Bitcoin, I’m sure Sheffield.

As you evaluate CBDC governments, the path they decide to go will have serious implications for privacy, monetary sovereignty, geopolitics and financial availability, but also for global acceptance of crypto-dollars and bitcoins.

In this regard, Kei recommends to carefully monitor the development of this industry. In particular, this applies to people who are not too versed in the topic of cryptocurrencies, the blockchain and other related concepts.

So if you are interested in at least any of the above, it is necessary to closely monitor active debate around the creation of CBDC and specific ways to implement such plans.

Recall, Kay Sheffield for quite a long time said about the prospects of CBDC. Previously, he noted that the Central banks are not interested in payment processing solutions, focused on the consumer. Instead, they are ready to experiment with digital currencies. By the way, Visa is also not afraid to innovate in this area: in March of this year the company has entered into a partnership with cryptocurrency exchange Binance to issue payment cards Binance Card.

We believe that the Key right in his vision of the near future. Digital currency Central banks do need to seriously change what is happening in the financial sector. With them, the speed of the payments will rise significantly, and with it will increase competition among financial institutions of different countries.

But most importantly, users CBDC — which will surely be many — will be closer to using cryptocurrency than they were before. Still in the digital currency some banks will make up the blockchain of the coins, so some users will want more in terms of freedom and opportunity. Here they will wait for the Bitcoin and other coins.

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