Mastercard has successfully demonstrated that central bank digital currency (CBDCs) can be tokenised (or “wrapped”) onto different blockchains through a new solution jointly developed by Cuscal and Mintable. This provides consumers with a new option to participate in commerce across multiple blockchains with increased security and ease.
The solution was developed as part of a research project by the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) to explore potential use cases for CBDCs in Australia. The project involved the RBA issuing a limited-scale ‘pilot’ CBDC that was a real legal claim on the RBA. The pilot CBDC was used by selected industry participants to demonstrate how a CBDC could be used to provide innovative payment and settlement services to Australian households and businesses. How it works Mastercard demonstrated in a live environment how the solution by Cuscal and Mintable could enable the holder of a pilot CBDC to purchase an NFT listed on the Ethereum public blockchain. The process “locked” the required amount of a pilot CBDC on the RBA’s pilot CBDC platform and minted an equivalent amount of wrapped pilot CBDC tokens on Ethereum. A pre-requisite of the test transaction was that the Ethereum wallets of both the buyer and seller, as well as the NFT marketplace smart contract, were ‘allow-listed’ within the platform. With all other transfers of the wrapped pilot CBDC blocked, it successfully demonstrated the platform’s ability to implement controls – even on public blockchains. Source: The Edge Singapore
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