Mastercard Launches a CBDC Initiative

Global payment company Mastercard has recently launched a CBDC Innovation Research Partner Program that includes Blockchain industry partners such as Ripple, ConsenSys, and Fireblocks.

This program was set up to assist with understanding the benefits and limitations of Central Bank Digital Currency (CBDC).

93% of Central Banks globally are experimenting with digital currencies, and 4 retail CBDCs are already in circulation.

Senior Vice President, Jesse McWaters, spoke about the need to consider various issues in order to successfully implement CBDCs, such as the role of the private sector, security, privacy, and compatibility.

McWaters also noted the importance of understanding the problems that CBDCs will solve and if they are even the right tool.

The partner program includes FinTech company, Ripple; blockchain software developer and Web3 ConsenSys; a provider for multi-CBDC and Fluency tokenized assets; digital identity technology provider Idemia; consulting firm Consult Hyperion; cybersecurity group Giesecke+Devrient; and Fireblocks, a platform for digital asset operations. Together, these partners will be looking into ways to develop digital currency safely and effectively.