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Mastercard Launches a Digital Platform for Central Banks

On Wednesday 09 september,Mastercard announced the launching of  a project called The Central Bank Digital Currencies Testing Platform.

The project is designed to stimulate the performance of bitcoin in the real world.

A purely digital currency would distribute money directly from central banks and federal reserves to consumers without depending on commercial banks.

The  digital money also offers the potential for greater efficiency in payments and money transfers as it avoids the current paperwork done by commercial banks that could take days.

Master card said it will let Central Banks first test the digital platform as it is already working with a number of central banks to test the project.The Master card  EVP Raj Dhamodharan said they are looking forward to inviting a couple of third parties to test the program such as banks.

The Mastercard initiative comes at a time of growing interest in digital currency among central bank.A recent survey by the Bank for International Settlements found that 80% of the world’s central banks are engaged in some form of digital currency research.