Mastercard’s Global CBDC Initiative Takes Off
Mastercard is actively supporting central banks in their central bank digital currency (CBDC) endeavors, capitalizing on global interest by launching its CBDC program in the summer.
The initiative’s core mission is to promote interoperability among payment methods, which is crucial for a thriving economy. Notable partners like Ripple, Consensys, Fluency, and Fireblocks have joined forces with Mastercard, which aligns with the Bank of International Settlements (BIS) survey revealing that 93% of banks are exploring CBDCs, partly accelerated by stablecoin development.
Mastercard is committed to simplifying CBDC use, striving to make them as user-friendly as traditional currencies, with ongoing efforts to unlock their potential. Their neutral stance on open or closed CBDCs underscores their aim to cater to central banks’ unique needs.
They prioritize delivering payment choices, contributing to technological advancement, and ensuring compliance, stability, and consumer protection in the digital space.
Mastercard leverages its global central bank relationships and widely used payment mechanisms to facilitate connections between these institutions.
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They seek to foster secure, seamless collaborations while adhering to guidelines set forth by the BIS for “secure and resilient” CBDC programs. Noteworthy collaborations include those with the Bank of England, the BIS Innovation
Hub, the Reserve Bank of Australia, and the Hong Kong Monetary Authority.
Visa also delves into CBDCs, adopting a “learning by doing” approach to share insights with central banks. This condensed summary captures the key points, retaining the essential information while streamlining it into seven paragraphs.
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.
