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Mastercard to launch virtual testing platform for central banks

The new platform will pave the way for central banks to carry out activities such as simulation of issuance and distribution

Mastercard will launch a virtual testing platform for banks where they will be able to test how digital currencies could be developed and used, media reports said.

Raj Dhamodharan, executive vice president for digital asset and blockchain products at Mastercard, told the media, “This new platform supports central banks as they make decisions now and in the future about the path forward for local and regional economies.”

It is reported that the new platform will pave the way for central banks to carry out activities such as simulation of issuance, distribution and exchange of central bank digital currencies between banks, financial service providers and consumers.

Many startups have already started to use controlled regulatory environments to test fresh payments from fintech companies. The new development will empower the banking system of many economies.

On the other hand, the payments services company has contributed a lot towards the Middle East and Africa during the Covid-19 pandemic. The company has provided seamless remittance services allowing people to go online to make swift online payments.

The cross-border services have allowed fintech providers to carry out digital payments fast and secure manner while leveraging Mastercard’s global network through a single connection. Cross-border services can be used in almost every part of the world without any back-end charges.

The company has boosted the global digital ecosystem by bringing innovations and boosting connectivity. Mastercard expects to launch more cutting-edge innovation in the future.

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