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Mastercard, in conjunction with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, has completed a trial run of a central bank digital currency (CDBC). Additionally the project tested how authorized parties who go through Know Your Customer protocols can use CBDCs. According to Mastercard’s announcement, the project tested how an owner could purchase an Ethereum-based NFT by locking up their pilot CBDC and minting an equivalent amount of Wrapped Coin.
In a statement from Richard Wormald, Head of Mastercard’s Australasia division, he stated:
“As the digital economy continues to mature, Mastercard has seen a demand from consumers to participate in commerce across multiple blockchains, including public ones,”
“This technology not only has the potential to encourage more consumer choice, it also opens up new opportunities for collaboration between public and private networks in order to make a real impact in the digital currency space.”
Furthermore, Australian financial services company Cuscal and blockchain technology firm Mintable announced their participation in Mastercard’s pilot application.
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MasterCard’s CBDC Plan
Mastercard, with its new CBDC program, is focusing on providing people with choices about how to make payments. Mastercard aims to offer support to central banks with its central bank digital currency (CBDC) program. Due to the ongoing global interest in the CBDC, it believes this summer is the right time to launch the program. Raj Dhamodharan, Mastercard’s head of digital assets and blockchain, stated: “Our goal is to encourage and support the ability to interact between different payment methods, as this is important for an evolving economy.”
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