Mastercard builds platform to pilot central bank digital currencies

0
FILE PHOTO: A Mastercard logo is seen on a credit card in this picture illustration August 30, 2017. REUTERS/Thomas White/Illustration

LONDON (Reuters) – Mastercard is creating a platform to help central banks “virtually” test how digital currencies could be developed and used, the payments company said on Wednesday.

Facebook’s Libra multi-currency backed stablecoin proposal prompted central banks to look at whether they could launch digital versions of their currencies.

“This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies,” said Raj Dhamodharan, executive vice president for digital asset and blockchain products at Mastercard said in a statement.

The platform enables the simulation of issuance, distribution and exchange of central bank digital currencies between banks, financial service providers and consumers, Mastercard said.

Controlled regulatory environments are already being used by start-ups to test new payments services from fintech companies.

Central banks are still in the early stages of looking at potential digital currencies, with the Bank of England calling last week for global rules to be put in place before stablecoins are launched.

(Reporting by Huw Jones; editing by Jason Neely)

Share

LEAVE A REPLY

Please enter your comment!
Please enter your name here


By submitting this form, you are consenting to receive marketing emails from: News India Times | Desi Talk Headlines | Desi Talk Chicago, 35 JOURNAL SQ, JERSEY CITY, NJ, 07306, http://www.newsindiatimes.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact