Mastercard Announces CBDC Partner Program and Open Forum

Mastercard has introduced a Central Bank Digital Currency (CBDC) partner programme, establishing an open forum dedicated to facilitating discussions around the emergence of CBDCs. Named the “CBDC Partner Programme,” its core aim is to stimulate dialogue regarding the enhancement of CBDCs for diverse use cases.

This CBDC-focused forum has garnered participation from notable cryptocurrency enterprises, including Fluency, Consult Hyperion, Ripple, Consensys, Idemia, and Fireblocks, as initial members.

Fluency concentrates on fostering compatibility among distinct CBDCs, Consult Hyperion collaborates with central banks and payment processors to outline CBDC prerequisites, while Ripple engages in the launch of a government-issued national stablecoin in partnership with the Republic of Palau.

A Mastercard blog post showed that 93% of central banks are actively involved in some form of CBDC-related work. The conversations within this programme could potentially assist central banks in their CBDC implementations.

CBDCs function similarly to cryptocurrencies but are regulated and issued by central banks. They maintain transparent online payment records and reduce reliance on physical cash. Emerging markets like India and China have shown a growing acceptance of CBDCs.