MASTERCARD ’ S TOKENISATION WEB3 COMMER
SPECIALIST INSIGHT
Richard Wormald , Division President , Australasia at Mastercard
Richard Wormald , Division President , Australasia at Mastercard , highlights the success of Mastercard ’ s innovative solution . By tokenising CBDCs onto various Blockchains , consumers now have a secure and convenient option to engage in commerce across multiple platforms .
Mastercard demonstrated in a live environment how the solution could enable the holder of a pilot CBDC to purchase a NFT listed on the Ethereum public Blockchain . The process ‘ locked ’ the required amount of a pilot CBDC on the RBA ’ s pilot CBDC platform and minted an equivalent amount of wrapped pilot CBDC tokens on Ethereum .
The solution , developed in partnership with Cuscal and Mintable as part of a Reserve Bank of Australia ( RBA ) and Digital Finance Cooperative Research Centre ( DFCRC ) research project to explore potential use cases for a CBDC in Australia , includes controls ensuring that the pilot CBDC can be held , used and redeemed only by authorised parties that have been Know Your Customer ( KYC ) verified and risk assessed by licensed service providers .
“ As the digital economy continues to mature , Mastercard has seen demand from consumers to participate in commerce across multiple Blockchains , including public Blockchains . This technology not only has the potential to drive more consumer choice , but it also unlocks new opportunities for collaboration between the public and private networks to drive genuine impact in the digital currency space ,” said Wormald .
A pre-requisite of the test transaction was that the Ethereum wallets of both the buyer and seller , as well as the NFT marketplace smart contract , were ‘ allowlisted ’ within the platform . With all other transfers of the wrapped pilot CBDC blocked , it successfully demonstrated the platform ’ s ability to implement controls – even on public Blockchains .
“ As the digital economy matures at pace , Australians are seeking more choice in the
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