SPECIALIST INSIGHT
CBDC PIONEERS CE way they pay and get paid , with simplicity and security front of mind . The central bank digital currency pilot project with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre ’ s provided an excellent opportunity to explore potential use cases of a CBDC through the lens of these evolving expectations ,” Wormald added .
“ With digital assets becoming more commonplace amongst digitally-savvy consumers , the ability to simply and securely transfer assets across multiple Blockchains could go a long way to delivering this enhanced consumer choice . As a core capability of the Mastercard Multi-Token Network , which played a pivotal role in the successful delivery of the pilot , it was incredible to demonstrate the possibilities the technology could create , as more central banks actively explore the merits of a CBDC for their economies .”
The pilot leveraged two pillars of Multi Token Network , which Mastercard introduced in June 2023 as a set of foundational capabilities designed to enable more efficient payment and commerce applications using Blockchain technology . This includes Mastercard Crypto Credential which offers a set of common verification standards and infrastructure to enable trusted interactions using Blockchain networks , in addition to interoperability to offer capabilities across all supported payment tokens and networks in a scalable manner .
“ The underlying technology of Blockchain and Web3 offer huge potential to the digital economy , but as with all new technologies , consumer trust will be paramount to its success . At Mastercard we are big believers in the power of a network
By enabling people to easily move digital currencies on-demand , via Mastercard ’ s trusted network , more consumers could participate in crypto ecosystems using reputable and reliable forms of money . www . intelligentfin . tech
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