In a recent social media post, the Digital Economy Association (DEA) expressed its enthusiasm for its member companies being chosen as early partners for Mastercard’s central bank digital currency (CBDC) initiative. Among these affiliated organizations are Ripple and Fluency. The association, which supports the development of central bank digital currencies, provided positive remark onk X:
“Excited to announce DEA Members Fluency Ripple as pioneers in Mastercard’s CBDC Partner Program to enhance CBDC awareness & safe implementation.”
The acknowledgment by the DEA regarding Ripple’s involvement in Mastercard’s Central Bank Digital Currency (CBDC) program has generated interest within the XRP community. It is relevant to note that this development has been warmly received, particularly considering the extensive alliances Ripple has recently established within the financial industry.
Notably, a passionate XRP enthusiast from Spain expressed their satisfaction with this significant stride.
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Mastercard CBDC Program
In a recent statement, Mastercard emphasized that the public’s level of interest in central bank digital currencies (CBDCs) has not been as substantial as the interest in cryptocurrencies, according to banking regulators’ efforts. Nevertheless, Mastercard acknowledged that the momentum behind CBDCs is gaining traction.
Notably, Mastercard highlighted that 93% of central banks are actively engaged in different phases of CBDC development. Among these central banks, four retail CBDCs have already been implemented and are operational.
Jesse McWaters, the global regulatory advocate for Mastercard, has highlighted the significant considerations that central banks must address in order to effectively implement central bank digital currencies (CBDCs). These considerations encompass the involvement of the private sector in CBDC issuance, as well as concerns regarding security and privacy.
In response to these challenges, Mastercard has initiated the CBDC Partner Program, which aims to foster a deeper understanding of the benefits and limitations of CBDCs. This program invites prominent firms in the crypto space to collaborate and collectively devise a secure, seamless, and practical strategy for the implementation of CBDCs.
Mastercard CBDC Partner Program Welcomes Ripple
Among the initial partners mentioned by Mastercard, notable companies include Ripple, Giesecke+Devrient, Fluency, Consensys, Consult Hyperion, Fireblocks, and Idemia. Mastercard also emphasized Ripple’s endeavors in collaborating with the Republic of Palau to develop a government-backed national stablecoin.
Furthermore, it should be noted that Ripple’s CBDC initiatives extend beyond the Republic of Palau and encompass regions such as Hong Kong, Montenegro, Bhutan, and Colombia.