Mastercard has successfully trialed an integration that combines central bank digital currency (CBDC) with non-fungible token (NFT) purchases in collaboration with the Reserve Bank of Australia
This ambitious project, carried out in conjunction with the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre, aims to foster interoperability among different blockchains and bolster the security of such interactions.
The pilot project demonstrated a solution that enables the tokenization of CBDCs on various blockchains, aiming to expand commerce options while ensuring security. The showcased method allowed the use of a pilotto buy an NFT on Ethereum, by locking the CBDC value and minting a corresponding amount on the Ethereum platform.has consistently showcased its commitment to the crypto realm. In August, the company initiated a forum designed for crypto enthusiasts to deliberate on CBDCs.
Despite recognizing the potential benefits of CBDCs, but the report highlighted the need for continued research, addressing issues such as cryptographic key management, integration complexities, and unresolved concerns about user privacy.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.
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