Mastercard Reveals Platform for Testing CBDC
Main page News, Fintech, Tech, Banking, Mastercard, Future, CBDC

Mastercard Inc., a global payments provider, has rolled out a virtual testing platform for financial regulators to examine central bank digital currency's (CBDC) use cases.

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According to an official blog announcement, the platform allows simulating the issuance, distribution and exchange of CBDCs between commercial banks, financial service providers and retail markets.

"Central banks, commercial banks, and tech and advisory firms are invited to partner with Mastercard to assess CBDC tech designs, validate use cases and evaluate interoperability with existing payment rails available for consumers and businesses today," Mastercard wrote.

The Executive Vice President, Digital Asset and Blockchain Products and Partnerships at Mastercard, Raj Dhamodharan, says the new platform supports central banks in their decisions to digitize the future of local and regional economies.

"Central banks have accelerated their exploration of digital currencies with a variety of objectives, from fostering financial inclusion to modernizing the payments ecosystem," Dhamodharan added.

In May, Mastercard joined the ID2020 Alliance, a blockchain-focused alliance dedicated to providing all people on the planet with a digital ID by the year 2030.

Bank of Japan Speeds Up Development of CBDC

The payments provider admits that holding a viable and trusted digital identity will allow everyone "to connect and realize the opportunities presented by our increasingly digital world."

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