May 1, 2021 / Business

Mastercard To Study The Possibility Of Smart Contracts For Issuing CBDC Usage

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Mastercard team has been exploring the possibility of using smart contracts as a tool for central bank digital currencies (CBDCs). According to media, this was announced by the CEO of the payment system, Michael Miebach, during a telephone conversation with investors.

  • Smart contracts allow users to automate many processes in the field of payments. According to the Mastercard team, the technology can find application in the CBDC market.
  • Earlier, Russian regulators became interested in the possibilities of smart contracts. According to the recently unveiled concept of the digital ruble, the financial instrument platform will support the technology.
  • Mastercard has shown interest in digital currencies of central banks for several years. The company launched the CBDC testing platform to help countries develop a new financial instrument in the fall of 2020. Mastercard also became the first international payment system to issue a card for the central bank’s digital currency.

Also, as part of a telephone conversation with investors, Michael Miebach said that Mastercard has entered into a number of partnership agreements that will help the company to promote initiatives related to the development of the national digital currencies market.

Recall that recently, PwC analysts named the leaders in the market for the development of national digital currencies.

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