Mastercard has completed a trial involving wrapping a central bank digital currency (CBDC) on a different blockchain, similar to wrapping Bitcoin (wBTC) and wrapping Ethereum (wETH).
According to an announcement on October 12, the case has been heard in court. implement In partnership with the Reserve Bank of Australia (RBA) and the country’s collaborative research center on digital finance, CBDC, with participation from Cuscal and Mintable. Mastercard said the solution allows CBDC owners to purchase non-fungible tokens (NFTs) listed on Ethereum in a real-world environment. “The process ‘locks’ the required number of pilot CBDCs on the RBA pilot CBDC platform and mints an equal number of wrapped pilot CBDC tokens on Ethereum,” the payment processor wrote.
“A prerequisite for the test transaction is that both the buyer’s and seller’s Ethereum wallets and the NFT market smart contract are ‘allowed to list’ within the platform. Since all other transfers of the packaged pilot CBDC are blocked, it successfully demonstrates that the platform enforces control capabilities – even on public blockchains.”
The solution leverages Mastercard’s multi-token network, launched in June 2023, to integrate payments technology with blockchain. “Together with Mastercard, we have identified a use case that can easily connect digital currencies and NFTs, potentially eliminating fraud and theft, ending document and record loss, and unlocking new business possibilities,” commented CEO Zack Burcks Tao. Founder of Mintable.
The Reserve Bank of Australia has previously stated that an Australian dollar CBDC may enable complex payment arrangements and innovations in the financial sector that fiat currencies cannot replace. However, the central bank also noted that “more research” is needed to assess its benefits.
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