Central Bank Digital CurrenciesNews

Mastercard Rolls out Virtual Platform for Central Banks to Assess and Test CBDCs

Mastercard rolls out a virtual platform for central banks to test national digital currencies. Central banks can explore the feasibility of digital currency including “issuance, distribution and exchange ecosystem with banks and consumers.”

Mastercard’s Testing Tool for Central Banks

According to a survey by Bank for International Settlements, almost 80% of the central banks have talked about CDBC in a way or the other and nearly 40% have reached the experimentation stage. Mastercard’s testing tool aims to make the testing phase of a central bank digital currency simple and easy.

Central banks can evaluate and explore use cases of CBDC by utilizing the virtual testing platform of Mastercard. Besides the issuance and distribution of a CBDC, the testing tool will also make it possible to exchange digital currency between consumers, banks, financial service providers.  Various financial institutions, including commercial banks, central banks, and advisory firms, can “assess CBDC tech designs, validate use cases and evaluate interoperability with existing payment rails available for consumers and businesses today.”

Features of Virtual Platform

The virtual platform will also assist to find out how a CBDC can be used by consumers for buying services and goods. What’s more, it will evaluate the development efforts of CBDC, including testing of design, security, technical build, and testing of operations.

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Raj Dhamodharan, Executive Vice President, at Mastercard said:

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

“Mastercard is driving innovation with the public sector, banks, fintechs, and advisory firms in the exploration of CBDCs, working with partners that are aligned to our core values and principles. This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies,” Raj added.

Sheila Warren, the Head of Blockchain and Digital Assets, said:

“Collaborations between the public and private sectors in the exploration of Central Bank Digital Currencies can help central banks better understand the range of technology possibilities and capabilities available with respect to CBDCs. Central banks can benefit from support in exploring the option set available to them with respect to CBDCs, as well as gaining insight into what opportunities may be forthcoming.”

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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