Mastercard has completed a successful experiment with the Reserve Bank of Australia (RBA) and the country's Digital Finance Cooperative Research Centre CBDC.
Mastercard completes a successful experiment with Reserve Bank of Australia
Mastercard has completed a successful experiment with the Reserve Bank of Australia (RBA) and the country's Digital Finance Cooperative Research Centre CBDC. Wrapping central bank digital currencies (CBDCs) on various blockchains, similar to wrapped Bitcoin (wBTC) and wrapped Ether (wETH), was used in the testing.
Mastercard’s Australasia Division President, Richard Wormald, said:
“By enabling people to easily move digital currencies on-demand, via Mastercard’s trusted network, more consumers could participate in crypto ecosystems using reputable and reliable forms of money, while enjoying the benefits that these currencies offer such as programmability, transparency, and compliance.”
The solution made use of Mastercard's Multi Token Network, allowing the holder of a CBDC to buy a non-fungible token (NFT) listed on Ethereum. The trial established the platform's ability to implement controls even on public blockchains by locking the required number of a pilot CBDC on the RBA's platform and minting an identical quantity of wrapped pilot CBDC tokens on Ethereum.
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