That would help central banks to assess and explore national digital currencies
Mastercard has announced a virtual testing environment for central banks to evaluate CBDC use cases.
The platform enables the simulation of issuance, distribution, and exchange of CBDCs between banks, financial service providers, and consumers.
Besides, the platform will show how a CBDC can be used to pay for goods and services wherever Mastercard is accepted.
According to the report, central banks, commercial banks, tech and advisory firms have teamed up with Mastercard to assess CBDC.
They assess tech designs, validate use cases, and evaluate interoperability with existing payment rails available for consumers and businesses.
We’ve reported that Mastercard and card payments provider Square have teamed up with the Falkland Islands government to bring card payments there. That’s a part of their joint ‘Connecting the Falklands’ initiative.