March 28, 2024

Mastercard Launches CBDC Testing Platform

Mastercard Launches CBDC Testing Platform

Mastercard has launched a virtual and customizable central bank digital currency testing (CBDC) platform.

In the announcement of the international payment systemsaid the project will create an environment in which banks, financial service providers and consumers can interact to model the emission, distribution and exchange of CBDCs, as well as evaluate various options for their use.

According to Raj Dhamodharan, executive vice president of digital assets, blockchain products and partnerships at Mastercard,since recently central banksaccelerated the development of digital currencies for various purposes, the new platform will facilitate their implementation and development at various levels of the economic system.

He also said the project could be used to demonstrate interoperability with existing payment systems and retail infrastructure.

Earlier this year, a Visa representative also called CBDC the most important trend in the payment industry.

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