{"id":86224,"date":"2023-11-19T01:17:57","date_gmt":"2023-11-19T06:17:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/cbdcs-not-yet-ready-for-mainstream-says-mastercard-expert\/"},"modified":"2023-11-19T01:17:58","modified_gmt":"2023-11-19T06:17:58","slug":"cbdcs-not-yet-ready-for-mainstream-says-mastercard-expert","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=86224","title":{"rendered":"CBDC\u2019s Not Yet Ready for Mainstream, Says Mastercard Expert"},"content":{"rendered":"<div>\n<figure id=\"attachment_132712\" aria-describedby=\"caption-attachment-132712\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-132712\" class=\"wp-caption-text\">Source: Pixabay \/ AKuptsova<\/figcaption><\/figure>\n<p>Mastercard\u2019s expert Ashok Venkateswaran has expressed skepticism about the current viability of widespread central bank digital currencies (CBDC), claiming that the broad adoption of CBDC could be \u201cdifficult,\u201d according to CNBC.<\/p>\n<p>Venkateswaran, Mastercard\u2019s Blockchain and Digital Assets Lead for Asia-Pacific, discussed the complexities surrounding the implementation of CBDCs during the Singapore FinTech Festival. He pointed out that for CBDC to be successful, they must be as accessible and spendable as traditional cash.<\/p>\n<p>\u201cThe difficult part is adoption. So if you have CBDCs in your wallet, you should have the ability for you to spend it anywhere you want \u2013 very similar to cash today,\u201d said Venkateswaran.<\/p>\n<p>However, implementing CBDCs would require substantial infrastructure development, a process that would involve considerable time and investment.<\/p>\n<p>\u201c[Building infrastructure to facilitate that] takes a lot of time and effort on a part of the country to do that. But a lot of the central banks nowadays have gotten very innovative because they are working very closely with private companies like ours, to create that ecosystem,\u201d said Venkateswaran.<\/p>\n<h2>Global CBDC Reality: Progress and Challenges<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Although the International Monetary Fund Managing Director Kristalina Georgieva stated that CBDCs are \u201ca safe and low-cost alternative\u201d to cash and can \u201creplace cash which is costly to distribute in island economies,\u201d the complete implementation rate is relatively low.<\/p>\n<p>According to the Atlantic Council, 130 countries representing 98 percent of global economy are exploring central bank digital currencies. Yet only 11 of them have fully launched a digital currency. And even if a CBDC were introduced, consumers would still be \u201cso comfortable using today\u2019s type of money\u201d that \u201cthere isn\u2019t enough justification to have a CBDC,\u201d Venkateswaran claimed.<\/p>\n<p>On Nov.7, Mastercard announced that it has completed the Hong Kong Monetary Authority\u2019s (HKMA) e-HKD Pilot Program, showcasing its capability to power or assist in launching digital currencies like e-HKD.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/cbdcs-not-yet-ready-for-mainstream-says-mastercard-expert.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay \/ AKuptsova Mastercard\u2019s expert Ashok Venkateswaran has expressed skepticism about the current viability of widespread central bank digital currencies (CBDC), claiming that the broad adoption of CBDC could be \u201cdifficult,\u201d according to CNBC. Venkateswaran, Mastercard\u2019s Blockchain and Digital Assets Lead for Asia-Pacific, discussed the complexities surrounding the implementation of CBDCs during the Singapore [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":86225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-86224","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBDC\u2019s Not Yet Ready for Mainstream, Says Mastercard Expert | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Source: Pixabay \/ AKuptsova Mastercard\u2019s expert Ashok Venkateswaran has expressed skepticism about the current viability of widespread central bank\" \/>\n<meta name=\"robots\" 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