Mastercard has built a virtual testing platform to help central banks assess and explore national digital currencies.Central banks around the world are warming to the concept of creating their own digital currencies. A recent survey from the Bank for International Settlements found that 80% are working in some way on CBDCs, while 40% have moved beyond conceptual research to experimentation.
Mastercard is looking to support these efforts with its new platform, which promises to enable the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.
The payments giant is inviting central banks, as well as commercial banks and tech and advisory firms, to assess CBDC tech designs, validate use cases and evaluate interoperability with existing payment rails.
Raj Dhamodharan, EVP, digital asset and blockchain products and partnerships, Mastercard, says: “This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies.”