Mastercard is starting a program to explore digital money from central banks (CBDC), and they’re working with Ripple and Consensys at the beginning.
Mastercard said they are getting a group of companies that work with blockchain and payments to join in the program. They want to work together with important people in this field, Raj Dhamodharan, Mastercard’s leader for digital money and blockchain, said.
He also said, “We think having choices for how to pay and being able to use different ways to pay is really important for a strong economy.” The companies starting with this program are Ripple, Consensys, Fireblocks, and Fluency, which helps with assets that turn into tokens.
The CBDC Program by Mastercard is in Its Early Phases:
Dhamodharan, speaking in a podcast interview recently, said that if a government wants to make a CBDC that businesses and people can use, it needs to be ready from the start in terms of safety, privacy, and how it works.
Even though Mastercard didn’t explain everything about their new program, they said that CBDCs should be part of a bigger plan and the CBDC Partner Program will help central banks know how to make a CBDC that’s useful and new for the economy.
As far back as September 2020, Mastercard made a way for central banks to test their CBDC systems. In February 2021, they started giving out cards in the Bahamas that let people use their CBDC called Sand Dollar.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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