In a statement from Richard Wormald, Head of Mastercard’s Australasia division, he stated:

“As the digital economy continues to mature, Mastercard has seen a demand from consumers to participate in commerce across multiple blockchains, including public ones,”

“This technology not only has the potential to encourage more consumer choice, it also opens up new opportunities for collaboration between public and private networks in order to make a real impact in the digital currency space.”

Furthermore, Australian financial services company Cuscal and blockchain technology firm Mintable announced their participation in Mastercard’s pilot application.

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MasterCard’s CBDC Plan

Mastercard, with its new CBDC program, is focusing on providing people with choices about how to make payments. Mastercard aims to offer support to central banks with its central bank digital currency (CBDC) program. Due to the ongoing global interest in the CBDC, it believes this summer is the right time to launch the program. Raj Dhamodharan, Mastercard’s head of digital assets and blockchain, stated: “Our goal is to encourage and support the ability to interact between different payment methods, as this is important for an evolving economy.”

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Denis Beau, the First Deputy Governor of the Banque de France ( French Central Bank ), identified two valid paths for CBDC development. Firstly, creation of common standards between wholesale CBDCs and existing systems and ensuring their compatibility. Secondly involves the creation of regional or global CBDC platforms supported by the International Monetary Fund (IMF) and the International Bank for Bills (BIS). Standardization of wholesale CBDCs allows them to be directly exchanged on these platforms and allows payment and delivery transactions.

Beau cited Project Mariana as an example and stated that the project, which explored the capabilities of the automatic market maker (AMM), successfully concluded. Additionally, Beau mentioned that they, in collaboration with the Monetary Authority of Singapore and the Swiss National Bank, successfully completed this project in late September.

In addition to CBDCs, Beau discussed the tokenization of finance. He emphasized the importance of more public sector support for the private sector to realize the full potential of blockchain and to limit the risks arising in this process. According to Beau, tokenized central bank money and tokenized assets are complementary allies, not competitors, in the evolving financial landscape.

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During a presidential debate on October 2, the country’s second major candidate explained his plans to “solve” the country’s devastating inflation after stating, “I clearly see that inflation is a big problem in Argentina.” He stated, “We will launch digital money in Argentina. This is something we will do globally across Argentina, and it will come with a whitewash law that allows them to bring and freely use their foreign exchange without new taxes.”

Massa, who currently serves as finance minister, has rejected the idea of Argentina switching to the US dollar: “Dollarization is what creates the allure of the dollar. Be patriotic and defend our currency, do not encourage the use of the US dollar,” he said.

Argentina’s general elections will take place on October 22.

Two of the three main election polls indicate that Massa is slightly behind, while Bitcoin-supporting candidate Javier Milei, who opposes the central bank, appears to have won Argentina’s August preliminary elections.

Milei had previously indicated his desire to adopt the American dollar as Argentina’s currency. As an economist and libertarian, he has long displayed a skeptical stance toward central banking. One of his election promises is to abolish Argentina’s central bank. Milei previously described Bitcoin as a reaction against “central bank fraudsters” and said the Argentine peso was allowing Argentinians to be deceived by inflation. The Argentine peso has lost over 99% of its value against the US dollar since December 2023.

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According to Serpro’s president Alexandre Amorim, blockchain’s decentralized and immutable nature makes it the most appropriate technology for Brazil’s identity project. Amorim said, “Blockchain technology plays a critical role in protecting personal data and preventing fraud, providing Brazilian citizens with a safer digital experience. The utilized b-Registries blockchain platform significantly enhances the security and reliability of the National Identity Card project.”

The issuance of the National Identity Card (CIN) now has blockchain security. Learn what changes in the document and check all the details that make the new identity card of Brazilians safer than ever!https://t.co/G2MigNkG1J

— Serpro (@SERPRO) September 25, 2023

According to the government’s statement, the identity project will play a crucial role in areas such as combating organized crime, enabling public sectors to collaborate more effectively, easier access to services, and regulation of administrative records. For the last few years, Brazil has been trying to unify 30 provinces regarding identity. It is emphasized in the announcement that secure data exchange will be provided with the new steps.

Another important development in the country is the upcoming Central Bank Digital Currency (CBDC) project. The government rebranded the digital currency as “Drex” after introducing the project in more detail in August.

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