Mastercard Successfully Concludes New CBDC Pilot Project Integrated with Ethereum

Mastercard completes successful CBDC pilot project with Reserve Bank of Australia and Digital Finance Cooperative Research Centre.

Oct 13, 2023 - 14:20
Oct 19, 2023 - 14:32
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Mastercard Successfully Concludes New CBDC Pilot Project Integrated with Ethereum
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The payment giant, Mastercard, has announced the successful completion of a new pilot project in the CBDC (Central Bank Digital Currency) domain. This project was initiated and finalized in collaboration with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre.

The aim of the project was to test the authorizations of the parties involved in CBDC transactions, developing the respective protocols to hold, use, and redeem the new currency. This was made possible with the assistance of the Australian financial services company, Cuscal, and the blockchain company, Mintable.

Furthermore, a solution was tested for purchasing an NFT (Non-Fungible Token) by "tokenizing" the equivalent value CBDCs and minting a "wrapped" version on Ethereum. This solution is significant when considering CBDCs as an additional element to integrate not only with blockchain technology but with the wider crypto market.

"As the digital economy continues to mature, Mastercard has noticed a consumer demand to participate in multiple blockchain markets. This technology not only has the potential to provide greater consumer choice but also unlocks new collaboration opportunities between public and private networks for new solutions in the digital currency space."

Mastercard's interest in CBDCs dates back to 2020, with the payment provider frequently positioning itself as a partner for CBDC development in the private sector over the years.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.