• Mastercard has announced that it has launched a Central Bank Digital Currencies (CBDCs) Testing Platform that will enable Central Banks to assess and explore national Digital Currencies.

What is Digital Currency:

• Central Bank Digital Currency (CBDC) is the digital form of a country’s fiat currency that is also a claim on the central bank. Instead of printing money, the central bank issues electronic coins or accounts backed by the full faith and credit of the government.
• The platform enables the simulation of issuance, distribution and exchange of CBDCs between banks, financial service providers and consumers.
• Mastercard has invited Central banks, commercial banks, and tech and advisory firms to partner with Mastercard to assess CBDC tech designs.