Mastercard Launches Forum for Crypto Industry Players to Discuss CBDCs
Payments giant Mastercard has established a forum to facilitate discussions and collaboration among industry players in the cryptocurrency sphere regarding central bank digital currencies (CBDCs).
In a Thursday blog post, Mastercard said that the CBDC Partner Program has already attracted key participants such as Ripple, Fireblocks, and Consensys.
The primary objective of this program is to foster dialogue and encourage innovation and efficiency within the industry.
“We believe in payment choice and that interoperability across the different ways of making payments is an essential component of a flourishing economy,” Raj Dhamodharan, Mastercard's head of digital assets and blockchain, said.
“As we look ahead toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”
Although CBDCs are different from cryptocurrencies, they share similarities and could potentially be based on blockchain technology, which underpins popular cryptocurrencies like Bitcoin.
Mastercard has a well-established track record of driving innovation in the digital asset sector, particularly in the realm of CBDCs.
Earlier this year, the company introduced a prepaid card in the Bahamas to facilitate the use of the country's pioneering CBDC.
Furthermore, Mastercard has recently announced plans to set up a testbed in the United Kingdom to explore tokenized bank deposits.
The testbed will eventually incorporate CBDCs and regulated stablecoins, demonstrating the company's commitment to exploring emerging technologies within the financial industry.
The move from Mastercard comes as numerous nations consider the possibility of digitizing their currencies with the launch of a CBDC.
According to data
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