Visa Company Supports CBDC Project in Brazil
Visa has already partnered with central banks to develop a CBDC project in Brazil, which the bank is expected to launch by the end of the year. The Brazilian digital coin is expected to be mainly used by local businesses.
Visa has partnered with Agrotoken, Microsoft and Sinqia to develop a financial platform for SMEs, especially agriculture-related businesses.
The platform uses a Visa solution called Universal Payment Channel (UPC) to ensure stable transactions. And it can connect other financial services such as CBDCs of other countries, stablecoins and tokenized deposits.
Mainly driving the agricultural industry
Visa has used the Agrotoken platform to drive the token ecosystem of the Brazilian agriculture industry. It allows the conversion of existing Brazilian legal documents into “tradeable onchain, non-fungible tokens (NFTs).
Visa added that it has also developed an anonymous bidding solution using smart contract technology that allows a global group of Blockchain investors to participate in the crowdfunding process for SME financing.
Visa’s CEO has previously said that stablecoins and CBDCs will play an important role in the payment ecosystem. and has plans to provide services in this particular area
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