Global payment giant Mastercard has announced a new Central Bank Digital Currencies (CBDC) Partner Program aimed at enhancing the understanding of CBDCs. The CBDC Partner Program aims to facilitate collaboration with key players in the blockchain technology and payment service sectors. Partners in the inaugural cohort include Ripple, ConsenSys, Fluency, Idemia, Consult Hyperion, Giesecke&#43;Devrient, and Fireblocks.Jesse McWaters, Mastercard&#39;s Global Regulatory Advocacy President, highlighted urgent questions that central banks should consider when evaluating CBDCs. These questions encompass the private sector&#39;s role in CBDC issuance, security, privacy, and interoperability with existing payment mechanisms.McWaters emphasized the need for comprehensive examination of these issues to successfully integrate CBDCs into the financial landscape. Meanwhile, Raj Dhamodharan, President of Digital Assets and Blockchain at Mastercard, highlighted the program&#39;s focus on innovation and efficiency.Details of the Mastercard Ripple partnership... Sebastian Baierle, Strategic Partnerships Manager for CBDC at Giesecke&#43;Devrient, discussed various countries&#39; different intentions in adopting CBDCs. According to Baierle, Ghana&#39;s central bank aims to include more citizens in the registered financial economy, while Sweden is concerned about reduced access to central bank-backed money.Varun Paul, overseeing CBDC and market infrastructure at Fireblocks, underscores the complexity of CBDC adoption. Paul mentions that finding the right balance between privacy and transparency, as well as addressing user familiarity, are vital challenges.It&#39;s worth noting that Ripple, one of Mastercard&#39;s partners, has undertaken CBDC development initiatives for various countries. Ripple has collaborated with Colombia, Hong Kong, Bhutan, Palau, and Montenegro. The Republic of Palau launched a national stablecoin named PSC, issued by the government.

Ripple News: Mastercard Announces Partnership with Ripple and ConsenSys: Here Are the Details...

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