Mastercard Pilots CBDC for NFTs on Ethereum with Australia's Reserve Bank

Geet99530

"""Mastercard has announced the successful completion of a CBDC pilot program with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre. This program allows authorized parties, subject to KYC, to hold, use, and redeem CBDC. Mastercard also utilizes CBDC wrapping technology to transfer CBDC from private chains to the Ethereum network for purchasing NFTs.

Mastercard's deep dive into CBDC technology began earlier, with the launch of its Multi-Token Network (MTN) initiative in June. The MTN platform encompasses various digital tokens, including central bank digital currencies (CBDCs), cryptocurrencies, stablecoins issued by financial institutions, and payment-side digital tokens like tokenized deposits. Additionally, it supports asset-side digital tokens like carbon credit NFTs, securities, and bonds.

In August, Mastercard announced its CBDC partner program, attracting participation from companies like Ripple and ConsenSys. The program aims to foster innovation within central banks and the CBDC value chain while not disrupting existing payment systems.

The Mastercard team has developed technology to wrap CBDC and transfer it to other public blockchains. This approach aligns with the preference of many central banks, which want to issue CBDCs on private chains and later transfer them to public chains for transactions, enabling greater versatility of use.

According to reports from TheBlock, the pilot was conducted in partnership with Australian financial services company Cuscal and blockchain technology firm Mintable. The program successfully tested the holding, use, and redemption of CBDC by authorized parties subject to 'Know Your Customer' (KYC) protocols. Furthermore, it allows CBDC holders to mint an equivalent amount of Ethereum-based wrapped tokens through locked trial CBDC for purchasing NFTs on the Ethereum network.

Richard Wormald, President of Mastercard's Australian division, stated in a press release: 'As the digital economy continues to mature, Mastercard sees the need for consumers to engage across multiple blockchains, including public blockchains. This technology unlocks new opportunities for collaboration between public and private networks, driving real impact in the field of digital currencies.'""
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977Iti

NFTs are the game for the younger generation these days.

Kahn332

There must be something new in NFTs as well.

Janak9955

I can't keep up with the times; you can buy NFTs like this now.

Jatin255

With NFTs, we have the metaverse, which is the future.