[danialtz]

I'd be also curious to see which space (if anything left) Visa would be moving on the retail side. They have already filed a patent which could be an additional indicator [1].

In general, once a national CBDC is in place it'd become rather difficult to foresee the position of middle players between issuer of cash (CB) and user of cash (people) in retail space, e.g. Visa and commercial banks. In a world where anybody can send cash to each other without a middle player (even offline), the role of middle players would probably reduce from "money printers" and large-scale trusted actors to "security box"-holder financial players and value-added service providers.

On the private sector side, there are also quite strong players stepping in, likes of Celo and various other public chains. On the public sector, China's DC/EP would be publicly out in 2022 creating a strong inertia [2], followed by couple of other central banks in various stages.

Things are going to get really interesting next few years, which certainly will change the today's financial landscape.

[1] https://www.forbes.com/sites/jasonbrett/2020/05/14/visa-subm... [2] https://asia.nikkei.com/Spotlight/Cryptocurrencies/China-aim...