A visa executive recently revealed that the company is sharing its CBDC expertise with the Central Bank of Azerbaijan. Cristina Doros, Vice President and Regional Manager of Visa in Central Asia and Azerbaijan said in a recent interview with Trend, that the company and the central bank are engaging in an ‘open and constructive debate’ to develop ‘appropriate formats’ of contact and cooperation. She added,
“Now, central banks from various countries are working to answer critical questions, such as what the solution’s infrastructure and architecture should be, and how it will be used. How will the issuer engage with commercial banks as the CBA? As Visa, we are eager to share our experience and are open to dialogue.”
Visa has recently tied up with many countries’ central banks to develop digital versions of their currency. Recently, Bazil’s central bank picked 14 institutions to take part in the pilot program of its CBDC. Visa was one among them.
Furthermore, at the beginning of 2023, a company executive also revealed that Visa could integrate blockchain-powered solutions into its services. The company was looking to bolster the next generation of payments. After highlighting that the technology is still in its “early days,” Alfred F. Kelly mentioned that the company believed that CBDCs could play a meaningful role in the payments division. He also briefly revealed that Visa has “a number of initiatives” underway.
CBA also Cooperating with Other Think Tanks
The Central Bank of Azerbaijan [CBA] is reportedly in cooperation with other international think tanks, financial organizations, and banks. It is ”actively monitoring” the role of digital currency in monetary policy and transmission. When the project was unveiled last year, Rashad Gasimov, an expert of the National Payment Systems Development Division of the Payment Systems and Settlements Department of the CBA, said that,
”Digital currency can significantly boost transition to a cashless payment environment.”