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Mastercard launches a testing platform for CBDCs

In the future of money, Mastercard doesn't want to lose ground

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Mastercard launches a testing platform for CBDCs

Mastercard has launched a “virtual and personalized” testing platform that will allow central banks to evaluate digital currency systems (CBDCs).

 

According to an announcement on Wednesday, the platform will provide an environment in which banks, financial service providers and consumers can simulate the issuance, distribution and exchange of central bank digital currencies (CBDCs) and evaluate customized use cases.

 

'“Central banks have accelerated their exploration of digital currencies with a variety of objectives, from fostering financial inclusion to modernizing the payments ecosystem," said Raj Dhamodharan, Mastercard's executive vice president for digital assets and blockchain products and partnerships said in a statement.
"This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies.”'



Mastercard and cryptocurrencies in the future

According to the company, the test platform can be used to demonstrate how CBDCs could "interface with existing payment networks and infrastructures" and how consumers could use a digital currency to purchase goods from merchants around the world who accept. Mastercard (this point would explain all these efforts).

 

It, therefore, appears that in future plans Mastercard intends to take a slice of the growing market behind CBDCs.

 

In July, Mastercard announced an "expansion" of its cryptocurrency program to help bring secure and regulatory compliant cryptocurrency debit / credit cards to market, including Wirex as its first partner.

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