MasterCard, the financial payments giant, continues its efforts to expand the uses of blockchain technology and develop the mechanisms of digital currencies.

in Advertising New from MasterCard announces the launch of a virtual testing environment to help central banks around the world test their own digital currencies (CBDCs).

MasterCard’s virtual platform allows central banks to evaluate central bank digital currency use cases.

It also allows simulating the issuance, distribution and exchange of digital currencies between banks, financial service providers and consumers.

According to the announcement, this effort will allow banks to test whether central bank digital currencies are suitable for them and whether they can be issued locally or regionally.

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Mastercard’s announcement also stated:

The virtual platform can be individually customized to the environment in which a central bank operates, allowing them to simulate an ecosystem for issuing, distributing and exchanging digital currencies with banks and consumers, including how central bank digital currencies interact with existing payment networks and infrastructure, for example cards and payments in real time.

The project also aims to show how a central bank digital currency can be used in daily life and its possible forms in the current market.

Raj Damodaran, Executive Vice President of Digital Currency, Blockchain Products and Partnerships at Mastercard, said:

Central banks have accelerated their exploration of digital currencies with a variety of goals, from promoting financial inclusion to modernizing the payments ecosystem.

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