Mastercard launches Central Bank Digital Currency testing platform

Mastercard has launched “Central Bank Digital Currencies” (CBDCs), a Virtual Testing Environment for Central Banks to Assess and Explore National Digital Currencies. Mastercard has invited Central Banks, Commercial Banks and tech and advisory firms to evaluate the suitability of CBDCs in a country or region.

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About Testing platform:

• The testing platform will allow central banks to evaluate use cases and test roll-out strategies for CBDCs by simulating a CBDC ecosystem.
• Using the platform they can enable simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.
• They can validate use cases and evaluate interoperability with existing payment rails available for consumers and businesses currently.

Important takeaways for all competitive exams:

• Mastercard Chief Executive Officer: Ajay Banga.
• Mastercard Headquarters: New York, United States.

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