CBDC: Mastercard aims to boost adoption with Ripple and ConsenSys

Mastercard has launched a initiative to better understand central bank digital currencies. His ” CBDC Partner Program The “CBDC Partner Program” includes several figures from the crypto space, including ConsenSys, Fireblocks or Ripple.

The global payments giant Mastercard launched on Thursday its ” CBDC Partner Program “to provide a “better understanding of the benefits and limitations” of central bank digital currenciesand “understand how to implement them in a secure, transparent and useful way”.

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Well-known companies in the crypto ecosystem have been announced as partners in the initiative. These include, Ripple and its CBDC platform, Ethereum studio Consensys, multi-CBDC solution provider Fluencythe digital identity consultant Hyperion or crypto-custody firm Fireblocks.

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While more than 9 out of 10 central banks are currently involved in work on the CBDCMastercard’s aim is to promote collaboration with “key players”.

As we look to a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money. By bringing together the strengths, deep expertise and different capabilities of these partners, we can drive innovation in the central banking community and along the CBDC value chain,” said Raj Dhamodharan, head of crypto and blockchain at Mastercard.

So far, only a few countries, including China, have begun issuing such a currency. According to the Bank for International Settlements, 24 central banks could launch a CBDC by 2030 (13 retail and 9 wholesale).

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“Poorly implemented, a CBDC could create disruption in the established payment system and crowd out private sector investment,” Mastercard warns, however.

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