Mastercard has been doing strong statements and moves towards the adoption of cryptocurrencies thus turning this means of payment into a mainstream payment method.
The site has informed already that the MasterCard platform will allow regulators to model the emission and distribution of CBDCs, and settlements using digital currency.
Payment system MasterCard announced the launch of a testing platform CBDC. In its press release, the company says that the new tool will allow you to check how one or another national cryptocurrency will work in real life.
MasterCard writes that its platform is a “virtual test environment” designed for the evaluation of CBDC use cases. The platform lets simulate the emission, distribution, and settlement of CBDCs between different parties: banks, service providers, and customers.
The platform can be individually tailored to the environment where the central bank operates. The light adjustment will allow the regulators to:
- Model the ecosystem that will issue, distribute and settle with CBDCs, including how the virtual currency will interact with available payment instruments and systems;
- Show to consumers how they can use CBDC for purchase of commodities and services globally at any place where MasterCard cards are accepted;
- Explore different CBDC architectures and use cases;
- Access the payment instrument in terms of its security and technical component.
The payment system works with several central banks already and invites other regulators as well as third–party companies to participate in the program. MasterCard did not specify what software its platform is based on, noting only that it uses the blockchain.
According to the figures of research, central banks representing 1/5 of the population of the world are set to issue CBDCs in the near future. At least 36 central banks have published papers that look at wholesale and retail digital currencies. At the same time, at least three countries have already completed pilot projects for retail CBDCs, and six more countries are in the testing stage.