Mastercard believes central bank digital currencies (CBDCs) still face major adoption challenges despite growing interest from countries worldwide.
In an interview at the Singapore FinTech Festival, Ashok Venkateswaran, Mastercard’s blockchain and digital assets lead for Asia-Pacific, said there is not yet enough justification for widespread CBDC use. He cited consumers’ high comfort levels with existing forms of money.
Keypoints
- Mastercard says there is not enough justification currently for widespread adoption of central bank digital currencies (CBDCs).
- The payments provider says consumers are very comfortable with existing forms of money.
- Building the infrastructure for CBDCs would require significant time and effort from countries.
- Mastercard believes CBDCs make more sense for countries with less robust domestic payments networks.
- It says Singapore doesn’t have a compelling case for a retail CBDC given its…
