Mastercard Launches CBDC Testing Platform

Mastercard Launches CBDC Testing Platform

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

The announcement of the international payment system said that 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 use cases.

According to Raj Dhamodharan, Executive Vice President of Digital Assets, Blockchain Products and Partnerships for Mastercard, as central banks have accelerated the adoption of digital currencies for various purposes recently, the new platform will facilitate their adoption 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 spokesperson also cited CBDC as a major trend in payments.

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Mastercard Launches CBDC Testing Platform

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