FacebookTwitterLinkedInTelegramCopy LinkEmail
FintechNFTs and Metaverse

Mastercard and RBA Pioneer Secure CBDC-NFT Integration

Mastercard and RBA Pioneer Secure CBDC-NFT Integration

Mastercard recently collaborated with the Reserve Bank of Australia (RBA) to successfully test the compatibility of a CBDC and its ability to limit its usage to approved entities.

As part of this initiative, Mastercard’s solution facilitated a pilot CBDC holder in purchasing a NFT available on the Ethereum (ETH) network, as highlighted in a recent press release from the company.

The RBA’s pilot CBDC platform securely locked a designated currency amount and generated an equivalent amount of wrapped pilot CBDC on the Ethereum blockchain.

Mastercard’s innovative approach incorporates strict controls to ensure that the pilot CBDC remains accessible, usable, and redeemable exclusively by authorized parties who have undergone Know Your Customer (KYC) verification and risk assessment conducted by licensed service providers.

READ MORE: Altcoin Liquidity Wanes as Market Appetite Fades

The successful test transaction necessitated both the buyer’s and seller’s Ethereum wallets and the NFT marketplace smart contract to be included in an ‘allow-list’ within the platform.

Central bank digital currencies have generated considerable debate within the cryptocurrency community, with prominent developers and politicians expressing concerns over potential impacts on individual privacy and the risk of financial censorship.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.