The technology helps to bolster security and also allows consumers to participate in commerce across multiple blockchains.
One of the critical aspects of this new solution is its emphasis on security. In this joint effort, Mastercard ensured that only authorized parties could hold, utilize, and redeem the pilot CBDC. This measure aims to safeguard the integrity and legitimacy of CBDC transactions. The process involved “locking” the required amount of the pilot CBDC on the RBA’s pilot CBDC platform. The next step was minting an equivalent amount of wrapped pilot CBDC tokens on the Ethereum blockchain.
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