Mastercard launches a digital currency checking platform for central banks

Mastercard has launched a cryptocurrency testing platform that aims to help central banks test their digital currencies. The system will also demonstrate how consumers can use a central bank's digital currency to pay for goods and services wherever Mastercard is accepted around the world.

Mastercard's digital currency check platform
Global payments firm Mastercard on Wednesday announced the launch of a "proprietary virtual test environment" for central banks to evaluate central bank digital currency use cases. (CBDC). Company details:

This platform allows to simulate the issuance, distribution and exchange of CBDCs between banks, financial service providers, and consumers.

“Central banks, commercial banks, and consulting and technology firms are invited to collaborate with Mastercard to review CBDC technology designs, validate use cases, and evaluate interoperability. partners with existing payment systems for consumers and businesses today ”, the announcement continued.

Emphasizing the need for the new platform, Mastercard cites the Bank for International Settlements (BIS) study emphasizing that around 80% of central banks are working on CBDCs and about 40% have already moved into the experimental phase. .

Raj Dhamodharan, Executive Vice President of Digital Assets and Products and Partnerships at Mastercard, said: “Central banks have accelerated the discovery of digital currencies with many other goals. from promoting financial inclusion to modernizing the payment ecosystem. "This new platform supports central banks as they make decisions now and in the future about the future path for local and regional economies."

Sheila Warren, Head of Data Policy and Digital Assets and Blockchain at the World Economic Forum, believes, “Collaboration between the public and private sectors in exploring digital currencies of Central banks can help central banks better understand the scope of technology and capabilities available to CBDCs. "

The new platform can be customized for each central bank, allowing them to "Simulate the CBDC issuance, distribution and exchange ecosystem with banks and consumers". This includes how the CBDC can communicate with existing payment networks and infrastructure, including real-time cards and payments, Mastercard describes. The system can also be used to "Demonstrate how consumers can use CBDC to pay for goods and services anywhere Mastercard is accepted worldwide."

Mastercard has also been expanding its footprint in the crypto space. In July, the company announced the acceleration of its crypto card partnership program that aims to make it "easier for consumers to hold and activate cryptocurrencies". Wirex became the first cryptocurrency platform to be granted a Mastercard primary membership allowing the company to issue payment cards directly. “The crypto market continues to grow,” added Dhamodharan, “Mastercard is pushing it forward, creating a secure and secure experience for consumers and businesses in the digital economy. nowadays."

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