Mastercard Establishes Forum for CBDC Discussions with Ripple, Fireblocks, and Consensys
Payments giant Mastercard has launched the CBDC Partner Program, a forum for industry players to collaborate on central bank digital currencies (CBDCs). Participants include Ripple, Fireblocks, and Consensys. The program aims to foster dialogue, innovation, and efficiency in the cryptocurrency industry. Mastercard’s head of digital assets and blockchain, Raj Dhamodharan, emphasizes the importance of payment choice and interoperability. While CBDCs are different from cryptocurrencies, they share similarities and may be based on blockchain technology. Mastercard has a track record of driving innovation in the digital asset sector and has plans to explore tokenized bank deposits and regulated stablecoins in the UK.
Almost All Countries Are Exploring CBDCs
According to CBDC Tracker, 114 countries, representing over 95% of global GDP, are currently exploring CBDCs. More than 10 nations, including the Bahamas, Cambodia, China, and Nigeria, have launched pilot programs for CBDCs. Russia has officially signed a bill to introduce a digital version of its national currency, while the United States has no confirmed plans for a digital currency, but is pursuing a wholesale CBDC.
Mastercard’s Support for Blockchain Technology
Mastercard has been supportive of blockchain technology, highlighting its potential value in the financial industry. The company launched Start Path Crypto, an engagement program for blockchain, crypto, and digital asset startups, and has emphasized the need for security and ease of use to build trust in crypto and blockchain. Mastercard’s commitment to exploring emerging technologies is demonstrated by its involvement in CBDCs and its plans to scale blockchain and digital asset startups.
Hot Take
Mastercard’s establishment of the CBDC Partner Program shows its dedication to driving innovation and collaboration in the cryptocurrency industry. By bringing together key players like Ripple, Fireblocks, and Consensys, Mastercard aims to facilitate discussions and encourage the development of CBDCs. With the majority of countries exploring CBDCs, this program is timely and aligns with the global trend towards digital currencies. Mastercard’s support for blockchain technology further solidifies its position as a leader in the financial industry, as it seeks to explore and scale emerging technologies.
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