Mastercard has launched an innovative custom testing platform that allows central banks to test and evaluate CBDCs.
As a virtual custom testing platform, it enables the simulation of issuance, distribution and even the exchange of CBDCs between banks, financial service providers, and consumers. The platform demonstrates how a CBDC can be used by a consumer to pay for goods and services.
According to a report by the Bank for International Settlements(BIS), 80% of central banks are engaging in some sort of work around CBDCs, with some 40% having progressed from conceptual research to experiments, and another 10% having already developed pilot projects. This new platform by Mastercard will likely make the testing process much more simple, encouraging more central banks to start the testing phase.