Crypto adoption in various use cases incorporating CBDC`S
It seems many countries are popularizing the Idea of CBDC`s, the latest being Australia and the RBA with a successful test that saw purchases made with the CBDC On the blockchain.
MasterCard in conjunction with the Australian RBA led the test, exploring a secure way to buy stacked digital collectable online.
The test was carried out with a special digital currency called CBDC (Central Bank Digital Currency) in various online systems, similar to how wBTC (Wrapped BTC) and wETH( Wrapped Ethereum) are used in the digital currency world.
How was the test carried out?
According to the October 12 announcement, the test allowed a CBDC owner to purchase a nonfungible token (NFT) listed on Ethereum in a live environment.
“This system ‘locks’ the required amount of the CBDC pilot on the RBA’s pilot CBDC platform and issues a number of pilot CBDC tokens on Ethereum,” They explained.
A condition for the test was that the Ethereum wallets of both the buyer and seller, as well as the NFT marketplace smart contract, were listed within the same platform.
The Multi Token Mastercard network
The test was conducted on the Multi Token Mastercard network launched in June 2023. The network integrates payment technology with online infrastructure. said Zack Burcks, , CEO of Mintable
“we’ve found a way to quickly connect digital currencies and NFT, preventing fraud, information loss and unlocking new buying and selling opportunities.“
The RBA said the Australian dollar CBDC could provide a dynamic new payment system to the economy bringing innovation to the sector that traditional currencies could not.
“Testing has shown that NFT and others can be linked to purchases But more research needs to be done on the technology” to better understand its value and complexity”
This is yet another major breakthrough in the digital financial system moreover making a case for the creation, utilization and adoption of CBDC`s worldwide .
What could be the next step as we make major advances into a digital fiance era?? as always only time will tell.
