Mastercard has launched a digital currency testing platform aimed at helping central banks test their digital currencies. The system will also demonstrate how consumers can use central bank digital currencies to pay for goods and services wherever Mastercard is accepted worldwide.
Mastercard’s Digital Currency Testing Platform
Global payments company Mastercard announced Wednesday the launch of its “proprietary virtual testing environment” for central banks to evaluate use cases of their central bank digital currencies (CBDCs). The company detailed:
The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.
“Central banks, commercial banks, and tech and advisory firms are invited to partner with Mastercard to assess CBDC tech designs, validate use cases and evaluate interoperability with existing payment rails available for consumers and businesses today,” the announcement continues.
Emphasizing the need for its new platform, Mastercard cited…