The payments giant Visa has unveiled a new blockchain and central bank digital currency (CBDC) project in Brazil. Per the Brazilian media outlet Livecoins, the firm was selected by the Brazilian central bank to “explore” “innovative” on blockchain technology-powered “usage cases” for the prototype digital real.
The bank is hopeful of debuting its coin later this year. It has also claimed that the coin’s will designed with a view to helping local businesses.
Visa’s offering was created in partnership with Agrotoken, Microsoft, and Sinqia. The firms’ solution is a financial platform designed for small and medium-sized enterprises (SMEs). Visa said the solution would be of particular interest to small-scale farmers and agricultural firms.
The platform comprises an interoperability solution, a Visa innovation called Universal Payment Channel (UPC).
(by Tim Alper)
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