The Digital Euro Association (DEA), an independent advocacy group for digital money, has recently applauded Ripple’s participation in Mastercard’s Central Bank Digital Currency (CBDC) program. This alliance between Ripple and Mastercard has garnered significant attention and excitement within the DEA community.
The DEA, consisting of key industry players like Ripple and Fluency, proudly announced the participation of its member firms as pioneers in Mastercard’s CBDC Partner Program. The association aims to enhance awareness and promote the safe implementation of CBDCs. Their recent tweet expressed their enthusiasm regarding this collaboration.
Read Also: Mastercard’s Vice President of Product Refers to Ripple as Partner for Payments With Digital Assets
DEA tweeted, “Excited to announce DEA Members Fluency Ripple as pioneers in Mastercard’s CBDC Partner Program to enhance CBDC awareness & safe implementation.”
🚀Excited to announce DEA Members @fluencycbdc & @Ripple as pioneers in @Mastercard's CBDC Partner Program, to enhance #CBDC awareness & safe implementation. 🔗https://t.co/TUBRmmuaGy
— Digital Euro Association (@DigiEuro) August 24, 2023
The XRP community was particularly thrilled with the DEA’s acknowledgment of Ripple’s involvement in Mastercard’s CBDC program. This development signals a significant step forward for Ripple, considering its recent alliances within the financial industry.
Mastercard’s CBDC Program
Mastercard recently highlighted the growing momentum behind Central Bank Digital Currencies (CBDCs). While banking regulators’ efforts may not have attracted significant public interest so far, Mastercard acknowledges that the discussion around CBDCs is gaining traction. In fact, 93% of central banks worldwide are currently involved in various stages of CBDC development, with four retail CBDCs already operational.
Jesse McWaters, Mastercard’s global regulatory advocator, emphasized the importance of addressing numerous inquiries surrounding CBDC implementation. These inquiries include considerations of the private sector’s involvement, as well as concerns regarding security and privacy.
In response, Mastercard introduced the CBDC Partner Program, inviting leading firms in the crypto space. The primary goals of the program are to improve understanding of CBDC advantages and limitations while devising a secure, streamlined implementation strategy.
Read Also: Ripple’s CBDC Proposed Solution Adopted in the 2022 G20 TechSprint CBDC Challenge: Details
Ripple’s Participation in Mastercard CBDC Partner Program
Mastercard identified Ripple, along with Giesecke+Devrient, Fluency, Consensys, Consult Hyperion, Fireblocks, and Idemia, as inaugural partners in their CBDC Partner Program.
Ripple’s endeavors extend beyond this program, as they take part in building government-backed national stablecoins with the Republic of Palau, Hong Kong, Russia, Montenegro, Bhutan, and Colombia. This recognition highlights Ripple’s significant presence and influence in the CBDC space.
Overall, the DEA’s celebration of Ripple’s membership in Mastercard’s CBDC program has generated excitement and raised awareness of the ongoing developments in the digital currency landscape. The collaboration between Ripple and Mastercard, alongside other prominent crypto firms, aims to lay the groundwork for a safe and effective implementation of CBDCs.
Follow us on Twitter, Facebook, Telegram, and Google News
