Financial services giant Mastercard has released a platform that allows central banks to test prototype digital currencies (CBDCs).
According to an announcement made Wednesday, Mastercard has launched a virtual testing platform to simulate the issuance, distribution, and exchange of digital currencies between banks and financial services.
The “innovative virtual and custom testing platform” was designed for central banks to strategize and trial potential roll-outs for CBDCs, in addition to tech and advisory firms.
The release reads,
With the global economy racing to embrace digital payments, central banks also are looking to the future and investigating how to support innovation while maintaining monetary policy and financial stability as they issue and distribute currency.
In an interview with Fortune, Mastercard executive VP Raj Dhamodharan said the firm has already been working with some central banks.
Mastercard is driving innovation with the public sector, banks, fintechs, and advisory firms in the exploration of CBDCs, working with partners that are aligned to our core values and principles.
He continued, saying the new platform supports central bnaks as they make decisions “now and in the future” about the path forward for local and global economies.
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