Payment services giant MasterCard has recently introduced a testing platform for the central bank digital currency (CBDC).
Those central banks who working on their national digital currency could use the platform to test them.
Use CBDC Instead Of MasterCard
The newly-introduced platform will also explain to the consumers how they can use CBDC in place of MasterCard while processing a transaction for goods and services.
On September 09, the payment services giant, while releasing the ‘proprietary virtual testing environment’, announced that the platform will be used by the central banks to analyze CBDC’s used cases.
MasterCard further notified, “The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.”
As the announcement continues, MasterCard stated that any of the banks, tech and advisory firms, who want to analyze tech designs, used cases and interoperability with payment could collaborate with the payment service giant to utilize the services testing platform’s services.
Central Banks Need Testing Platform
MasterCard believes that the central banks around the world need the testing platform. It mentioned that a few weeks ago, the Bank of International Settlement (BIS) published a report stating that presently, around 80 percent of central banks are scrutinizing CBDCs and around 40 percent of them have completed the experimental stage of it.
Raj Dhamodharan, the Executive Vice President of Digital Asset and Blockchain Products and Partnerships at MasterCard, has recently stated that with different objectives, many of the central banks around the world have already started analyzing their country’s own digital currency.
He further stated that the new platform introduced by MasterCard would help the central banks in their making their future decisions.
According to the Head of Blockchain, Digital Assets and Data policy at the World Economic Forum, Sheila Warren, if the public and the private sector would start working together on CBDCs then it would be easy to understand how those technologies work.
