The trial’s primary goal was to demonstrate the compatibility of public and private blockchains.
A pilot program for a central bank digital currency (CBDC) was recently concluded by Mastercard in conjunction with the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). In this study, we investigated whether or not Mastercard might facilitate CBDC transactions on the open Ethereum blockchain.
“Consumers want to be able to do business across multiple blockchains, including public blockchains,” said Richard Wormald, President of Australasia at Mastercard.
Mastercard demonstrated how a participant in its experimental CBDC program may use its technology to buy a non-fungible token (NFT) traded on the public Ethereum blockchain. To make this possible, the solution wrapped tokens on Ethereum while locking the necessary CBDC amount on the RBA’s platform.
That Mastercard may transact CBDCs on public blockchains like Ethereum while maintaining compliance with regulatory requirements was shown by this example. The business made use of its Multi Token Network and Crypto Credential products, which prioritize interoperability at scale and verification standards.
In addition to Mastercard, the Australian payment startup Cuscal and the NFT marketplace Mintable were also participating in the experiment.
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