Mastercard leading CBDC in the crypto industry?

Now, in discussions about central bank digital currencies, MasterCard will now have a front row seat, along with the other industry giants. The company has just created a discussion forum bringing together key players in the crypto industry, thus demonstrating its ambition to become one of the leading players in the cross-border payments revolution. On the menu of concerns, the question of CBDCs, these central bank digital currencies that are starting to sprout here and there. Now is the time to plan for the booming economy ahead. And MasterCard intends to be among those who will write history with its innovative projects.

MasterCard prepares for an economy linking CBDC, stablecoins and tokenized bank deposits

“Encouraging conversations between key industry players” And “to stimulate innovation and efficiency”. So the objective of the forum just created by the payment giant MasterCard. At least that’s what MasterCard’s Executive Vice President of Digital Assets and Blockchain, Raj Dhamodharan, said in his statement released last Thursday.

The initiative comes in a context where more and more countries are creating or displaying a clear desire to create digital versions of their national currencies. Raj Dhamodharan therefore explains that since “As we look to a digital-driven future, it’s essential that the value held as CBDCs is as easy to use as other forms of money.”

In the new economy in which the company wants to be a leading player, he adds, “the choice of payment methods and the interoperability between the different payment methods are essential elements”. This also explains why the payment company, MoneyGram, has approached the blockchain company Stellar Development Foundation, which now holds a seat on its board of directors. We can already say that 2023 is really the key year for the blockchain.

MasterCard is closing in on Ripple and other big names in the crypto sphere

MasterCard’s objective is clear. In an interview broadcast on YouTube a few days ago, MasterCard’s crypto and blockchain manager explained that the company was working on setting up a structure that would link CBDCs, stablecoins and tokenized bank deposits in payments. cross-border.

It is therefore to create a collaborative framework favorable to innovation and regulation of the sector that MasterCard has created this forum dedicated to conversations on CBDCs. That said, if among the members of the forum, we find influential crypto companies such as Fireblocks and Consensys, we also find the Ripple company which recently joined forces with AWS for an unprecedented monetary revolution.

Coming after the alliance between the Stellar Development Foundation and MoneyGram, MasterCard’s creation of a forum including Ripple, Stellar’s main competitor, indicates the company’s determination to gain the upper hand in the ongoing cross-border payments revolution. The end of the fiat currency economy may be closer than we think. In the meantime, hopefully the saga between the SEC and Ripple ends fairly quickly.