Mastercard Extends Helps to Central Banks, Unveils Platform to Test National Digital Currencies

2020-9-10 11:43

Coinspeaker
Mastercard Extends Helps to Central Banks, Unveils Platform to Test National Digital Currencies

There’s a growing interest among global central banks to launch national digital currencies or CBDCs as we know them. Giving it a further push, payments giant Mastercard Inc (NYSE: MA) unveiled a new platform for central banks to test Central Bank Digital Currencies (CBDCs).

As announced officially on Wednesday, September 9, Mastercard’s virtual and customer testing platform will help central banks simulate different use-cases for CBDCs. Furthermore, the test platform also helps create simulation with roll-out strategies and exchange of CBDCs among banks and other financial service providers.

Global financial institutions have been openly speaking about the need for CBDCs. Besides, the need for CBDCs is realized more today than ever before. CBDCs makes it easier for central banks to distribute and track stimulus packages during times of economic crisis.

As per the report from the Bank of International Settlements (BIS), over 70% of the global central banks are testing CBDCs in or the other way. The report says that many banks have already moved ahead from the conceptual stage to concept and design. Mastercard’s new testing platform will serve as the right catalyst for CBDC projects. Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships, Mastercard, said:

“Central banks have accelerated their exploration of digital currencies with a variety of objectives, from fostering financial inclusion to modernizing the payments ecosystem. Mastercard is driving innovation with the public sector, banks, fintechs, and advisory firms in the exploration of CBDCs. This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies.”

Mastercard Invites Partners to Join the Platform for Central Bank Digital Currencies

Apart from just central banks, Mastercard has also invited tech and financial advisory firms to assess and evaluate CBDC designs. Involving players from the tech and financial space, Mastercard wants to make sure that its platform can validate use-cases. Furthermore, it wants to ensure that the platform is interoperable with existing payment infrastructure used by consumers and businesses today.

Mastercard has also put emphasis on scalable innovation on the platform which can cater to millions of users worldwide. The platform ensures the primary approach of money distribution i.e. Central Banks issuing and distributing digital currencies via commercial banks and other licensed payment providers.

Mastercard understands the different underlying needs of economies while issuing CBDCs. Thus, the platform gives the central banks the necessary flexibility and see if the CBDC design fits the needs of their country. Sheila Warren, Head of Blockchain, Digital Assets and Data Policy at the World Economic Forum, said:

“Collaborations between the public and private sectors in the exploration of Central Bank Digital Currencies can help central banks better understand the range of technology possibilities and capabilities available with respect to CBDCs. Central banks can benefit from support in exploring the option set available to them with respect to CBDCs, as well as gaining insight into what opportunities may be forthcoming.”

To read more about cryptocurrencies, please follow the link.

Mastercard Extends Helps to Central Banks, Unveils Platform to Test National Digital Currencies

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Central African CFA Franc (XAF) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 XAF

banks test platform central helps mastercard digital

banks test → Результатов: 55


Фото:

China’s State Banks Test Digital Wallet App for CBDC Payments

China’s state-run commercial banks are conducting large-scale internal testing of a digital wallet application in preparation for rolling out a central bank digital currency (CBDC). Employees at state-run banks in cities including Shenzhen have started internally testing an app that will be used for transferring money and making payments, a Reuters report stated.

2020-8-7 14:25


Regulators Easing the Restrictions on Banks Set in the Aftermath of Great Recession

The shares of big banks declined after the Fed said it would put a temporary cap on their dividend payments to preserve cash during the coronavirus pandemic. In its stress test, the central bank found that most banks would remain well capitalized in an economic downturn, but it also sees that large financial institutions remain […]

2020-6-29 23:42


Electra opens pilot testing for new crypto payment system

Electra (ECA), an open-source Proof of Stake (PoS) blockchain project focused on digital payments, announced today it is now seeking merchants to beta test its flagship product, ElectraPay. ElectraPay is a complete financial management system, that will allow merchants to easily adopt an alternative payment method that is not dependent upon payment service providers, banks, […] CryptoNinjas: Electra opens pilot testing for new crypto payment system

2019-12-30 17:25


Italian Banking Association Uses Blockchain to Test Data Reconciliation Successfully

The banks from the Italian Banking Association (ABI) have processed a reconciliation of data from an entire activity of the year using the blockchain technology. According to the group’s press release, the tests were successful and proved that the technology could be very useful to local banks. During this first test, the group processed around […]

2019-10-15 00:46


Ethereum “Looking Good” With New Volume Highs Since 2017 While XRP Looks “Promising” to Test Previous High Plus BSV’s 62% Surge

Ethereum “Looking Good” With New Volume Highs Since 2017 While XRP Looks “Promising” To Test Previous High Plus BSV’s 62% Surge ETH consolidation right on top of the Aug-Sept resistance 99 percent of banks love what (Ripple) is doing – Brad Garlinghouse BSV Surges after “Faketoshi” Files for Copyrights of Bitcoin Whitepaper The second largest […]

2019-5-22 18:12


SWIFT Partners With SGX, Deutsche Bank, DBS, HSBC and Standard Chartered to Test Blockchain e-Voting

The Ultimate Power Group – SWIFT Partners Up With Major Banks While SGX Begins Trials On Blockchain-Backed Voting According to SWIFT, the financial messaging juggernaut, it has officially partnered up with a range of banks across the world, as well as the Singapore Stock Exchange in order to create and subsequently test out a blockchain-based […]

2019-3-7 05:07


R3 Corda Sees First Blockchain KYC Trial Completed Between 26 French Companies And 5 Banks

One Of The First Blockchain-Based KYC Trial Has Been Completed: Thanks To Collaboration Between 26 French Companies And Five Banks Between a series of banks and approximately Twenty-Six companies based out of France, have managed to successfully completed a test of blockchain for the use of anti-money laundering policies such as Know Your Customer (KYC). […]

2018-12-4 23:42


Central Bank of Iran (CBI) Finalizes Cryptocurrency Development Of Rial-Pegged National Token

Iran Finishes The Development Of Rial-Pegged National Cryptocurrency Iran’s local media reports that has completed the development of its national cryptocurrency which will be backed by Rial. When the Central Bank of Iran (CBI) approves the uses of national cryptocurrency, it will be issued to financial institutions such as banks to test payments and internal […]

2018-11-12 05:38


15 Banks to Test DTCC’s Market Infrastructure Using Blockchain

Post-trade market infrastructure giant DTCC has initiated the testing phase to re-platform its credit derivatives on distributed ledger technology (DLT) and cloud. The trial will include the participation of 15 of the world’s largest global banks, which will conduct structured user acceptance tests to validate the interaction between systems, firms and other market infrastructure providers.

2018-11-8 03:30


IT Giant Fujitsu Teams With 9 Banks For Blockchain Settlement Trial in Japan

IT Giant Fujitsu Teams With 9 Banks For Blockchain Settlement Trial In a press release on Monday, the technology corporation Fujitsu informed that a group of nine Japanese banks approached it for a field trial involving blockchain technology for faster and secure settlements of banking transactions. The press release informs that the test’s goal is: […]

2018-10-30 03:48


“Big 4” Auditors Deloitte, EY, KPMG & PwC To Test Blockchain Financial Reporting Platform

“Big Four” Auditors To Test Blockchain Platform For Financial Reporting The biggest four auditing firms of the world, Deloitte, EY, KPMG and PwC, are getting together with 20 banks in Taiwan to trial a new service that will use the blockchain technology to make auditing for public companies and their reports. The main reason why the […]

2018-7-19 20:47


Фото:

HSBC, Deutsche Bank And More Successfully Testing Blockchain Transactions

Reports out today highlight that a group of banks have successfully trialled and tested a blockchain based bank transfer. This news is especially important, as it includes large scale banks such as HSBC and Deutsche Bank and is the first occurrence of a test that has been carried out across borders, and through many banks, over the blockchain.

2018-7-3 17:30


Фото:

U.K. Banks Warned to Be Careful With Cryptocurrencies

The Bank of England has warned U. K. lenders to study cryptocurrencies before doing business in the space. In a letter sent out to the financial institutions in the country yesterday, the Bank of England Deputy Governor Sam Woods warned financial companies to take appropriate steps to protect themselves against "exposure to crypto-assets" which he believes are susceptible to "fraud and manipulation, as well as money-laundering and terrorist financing risks.

2018-6-29 18:17