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<div class="cryptonews"><p class="is-style-lead">Payments giant Mastercard says adoption is the most challenging part for state-issued digital currencies.</p><p>The second-largest payment-processing provider, Mastercard, sees no prospects for central bank digital currencies (CBDCs) shortly, as <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/consumers.html">consumers</a> nowadays are “comfortable using today’s type of money.”</p><p>In an interview with CNBC, Ashok Venkateswaran, APAC head for digital assets and blockchain at Mastercard, said there isn’t enough <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/justification.html">justification</a> for having a CBDC, adding that cash is still the most frequently used means of payment.</p><blockquote class="wp-block-quote"><p>“The difficult part is adoption. So if you have CBDCs in your wallet, you should have the ability for you to spend it anywhere you want — very similar to cash today.”</p><cite>Ashok Venkateswaran, APAC head for digital assets and blockchain at Mastercard</cite></blockquote><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> You might also like: </span> BIS and central banks of France, Singapore, and Switzerland wrap up CBDC project </div><p>However, the APAC head admitted there might be a use case for CBDCs, but for interbank settlements. Venkateswaran particularly addressed Singapore and its struggles with adopting the local retail CBDC. He noted that the state-run digital currency is not compelling enough, given that the region has a “very efficient” payment system.</p><blockquote class="wp-block-quote"><p>“There isn’t a reason for a retail CBDC [in Singapore] but there is a case for a wholesale CBDC for interbank settlements.”</p><cite>Ashok Venkateswaran</cite></blockquote><p>Venkateswaran’s comments come after Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), said that CBDCs could eventually replace cash, which is “costly to distribute in island economies.”</p><p>The IMF boss noted that digital currencies could “offer resilience” in more advanced economies, adding that CBDCs are posed to “improve financial inclusion where few hold bank accounts.”</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> Read more: </span> Nobel’s charity trust to lobby CBDCs with new initiative </div><span class="google-news-banner__label">Follow Us on Google News</span></div><p>Source: <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/mastercard-sees-no-justification-for-consumers-to-use-cbdcs-tbt70643.html">https://thebittimes.com/mastercard-sees-no-justification-for-consumers-to-use-cbdcs-tbt70643.html</a></p>

Mastercard sees no justification for consumers to use CBDCs

TheBitTimes

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