Mastercard considers digital yuan opportunities

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Global payments giant Mastercard is in talks with various central banks to seize opportunities in central bank digital currencies.

Among the central banks in talks with Mastercard is the People’s Bank of China, according to a “SCMP” report citing the co-chairman of the APAC Ling Hai.

The circulation of central bank digital currencies (CBDCs) outside their home country could be converted into foreign currencies with a card clearing network acting as a conversion agent, Ling explained.

“While central banks can solve their domestic issues related to digital sovereign currencies, the role we can still play is that of interoperability when payment crosses a country’s borders,” he said. “For us, supporting a central bank digital currency is like adding another fiat currency to our network.”

Digital currency experience

Mastercard is already increasingly establishing its digital currency capabilities with an existing partnership with the Bahamas, where it provides prepaid card services to help travelers convert their CBDC – the Bahamian sand dollar – into other fiat currencies. .

In addition to centralized digital currencies, Mastercard has also announced plans to increase support for certain decentralized cryptocurrencies.

In China, it is also awaiting final approval for a license to operate its onshore chart business.



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