(Kitco News) - Credit card giant Mastercard has created a new partnership program to explore the benefits and limitations of central bank digital currencies (CBDCs) with seven prominent crypto and FinTech firms, it announced on Aug. 17.
Mastercard said that while 93% of the world’s central banks are working on CBDCs, but “their efforts haven’t captured the public’s attention — for better or, more recently, for worse — like cryptocurrencies have.” But the payment giant said that CBDCs are gaining momentum and have “the potential to have an even bigger impact on our everyday lives.”
“We believe in payment choice and that interoperability across the different ways of making payments is an essential component of a flourishing economy,” said Mastercard's head of digital assets and blockchain Raj Dhamodharan. “As we look ahead toward a digitally driven future, it will be essential that the value held as a CBDC is as easy to use as other forms of money.”
Among the key problems yet to be resolved is how central banks will balance privacy and transparency. “Privacy is extremely important to users,” said Jerome Ajdenbaum, head of digital currencies at Idemia, citing a recent European Central Bank survey on the digital euro. “It’s really the No. 1 topic.”
“By assembling the strengths, deep expertise and different capabilities of these partners, we can drive innovation in the central banking community and along the CBDC value chain as the space continues to evolve,” Dhamodharan added.
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