Mastercard explores CBDC use in Australia
Mastercard has announced that it has demonstrated a new solution that enables central bank CBDC to be interoperable with different blockchains. The solution, developed in partnership with Cuscal and Mintable, was part of a pilot project conducted by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) to explore potential use cases for a CBDC in Australia. The project involved 14 use cases, ranging from retail payments to wholesale settlement and cross-border transactions. Mastercard’s solution allows CBDCs to be tokenized, or ‘wrapped’ onto different blockchains, such as Ethereum, without compromising the control and oversight of the central bank. This means consumers can use CBDCs to participate in various forms of commerce across multiple blockchains, such as buying non-fungible tokens (NFTs) or accessing decentralized applications (DApps). You might also like: Mastercard expands crypto efforts in Asia-Pacific ...