Mastercard launches a new platform for building and testing of digital currencies

Mastercard introduced a virtual environment for testing digital currencies of central banks (CBDC). The project is a controlled environment in which banks can model the issue of national digital currencies. The result will be an assessment of their compatibility with the existing payment ecosystem and usability of CBDC.

“The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers. 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 did not specify what software is used in the project. All we know is that it uses distributed registry technology. Previously, independent analysts from the dGen Institute suggested that within ten years, three to five countries will completely give up the fiat in favor of national digital currencies. The authors of this report do not give exact statements, but point to China and the Bahamas.

According to the Bank for International Settlements, in early 2019, 70% of central banks were engaged in CBDC research. This interest is explained by increased competition and financial inclusion, as well as the expansion of fiscal policy instruments.

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Jeffrey Hancock

Jeffrey Hancock

Blockchain enthusiast developer and writer. I love video games, blockchain and the hot symbiosis of these two worlds.