Mastercard Wants To Make CBDCs Easier To Use, Partners With Ripple, Consensys, Fluency, Fireblocks

With rising global interest in central bank digital currency (CBDCs), Mastercard MA is firm on supporting the central bank with its CBDC program which was initially launched in August 2023.

The program’s partners include Ripple, Consensys, Fluency, and Fireblocks.

“Our goal is to drive and support interoperability across the different ways of making payments, as it is essential to a flourishing economy. We’re committed to exploring how we can make CBDCs as easy to use as other forms of money,” Mastercard Head of Digital Assets and Blockchain Raj Dhamodharan commented.

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A recent Bank of International Settlements (BIS) survey indicated that almost 93% of banks are looking out for a potential CBDC with around 60% stating that stablecoins have ramped up their work on CBDCs.

Also Read: How Visa And Mastercard's New Fees Hike Are Impacting Your Wallet And Local Businesses!

The Purchase, New York-based company is looking to support central bank needs rather than focusing on open or public permissionless versus closed or permissioned CBDCs. The payment giant believes that stability, regulatory compliance, and consumer protections should be the core of companies looking to support.

To unlock different payment mechanisms safely, Mastercard looks to work closely with players and central banks. Earlier, it has worked with the Bank of England, BIS Innovation Hub, the Reserve Bank of Australia, and the Hong Kong Monetary Authority.

Meanwhile, peer company Visa V in May had stated that "learning by doing" is important to digital dollar development and it has developed a programmable finance platform for supporting Brazilian farmers for better negotiations. It initiated a CBDC pilot project in Brazil alongside Microsoft and local banks.

Read More: Brazil's Money Makeover: Digital Real To Outshine Bitcoin?

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