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Mastercard has completed a central bank digital currency pilot project with the Reserve Bank of Australia and the Digital Finance Research Centre.
The project tested how authorized parties passing know-your-customer protocols could hold and use CBDCs.
According to the statement made by Mastercard, the project also tested how it could purchase an Ethereum-based NFT by locking the pilot CBDC and producing an equivalent amount of Ethereum-based wrapped coins.
“As the digital economy continues to mature, Mastercard has seen demand from consumers to participate in commerce across multiple blockchains, including public blockchains,” Richard Wormald, president of Mastercard's Australia division, said in a statement.
“This technology not only has the potential to deliver greater consumer choice, but also unlocks new opportunities for collaboration between public and private networks to deliver real impact in the digital currency space.”
Australian financial services company Cuscal and blockchain technology company Mintable also partnered in Mastercard's pilot application.
Mastercard has shown interest in exploring CBDCs since 2020. The company expressed its desire to operate as a private sector partner for CBDCs in 2021 and created a CBDC program with Ripple and Consensys in August 2023.
*This is not investment advice.