Mastercard introduced a blockchain platform for testing CBDC

Kataryna Habeliia September 9, 2020


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Mastercard on Wednesday unveiled a tool designed to help central banks develop their own digital currencies.

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The project, titled the Central Bank Digital Currencies Testing Platform, presents a software environment in which central banks will issue digital versions of their currencies, taking advantage of a controlled environment.

This way they will be able to check how these currencies fit into the existing banking and payment networks. And also to evaluate the practicality of their use to pay for goods and services by consumers.

A Mastercard spokesperson said they already have partnerships with several central banks. It also encouraged participation from third-party companies, including representatives from the banking and technology industries.

According to Mastercard, they take privacy concerns seriously and have taken into account the relevant requirements when developing a new product. The company refused to clarify what software is used in the project, only noting that it includes a blockchain.

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