Mastercard’s Collaborative CBDC Initiative with Ripple and Consensys

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Mastercard is launching a central bank digital currency program in collaboration with Ripple and blockchain development firm Consensys. The program’s goal is to encourage collaboration with essential participants in the field and to promote interoperability across various payment forms. Mastercard considers that a CBDC should have production flexibility, customer protection, and privacy. The CBDC Partner Programme will assist central banks in creating a new, useful digital currency. In September 2020, the business made a testing platform for central banks and began distributing prepaid cards in the Bahamas in February 2021.

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Taiwan is considering introducing a new company category in its rules to allow cryptocurrency-related businesses to form industry organizations. The Ministry of Economic Affairs has proposed a change to the Commercial Group Standards of Classification legislation to incorporate digital asset services. The proposed business category defines the scope of operations within the cryptocurrency sector, which includes exchanging cryptocurrency for legal tender or other digital tokens, allowing cryptocurrency transfers, providing services for cryptocurrency storage or management, and providing assistance with the issuance or sale of cryptocurrency. The ministry is seeking public feedback and plans to finalize the modification with the Ministry of the Interior in mid- or late-October. Since the Financial Supervisory Commission issued anti-money laundering guidelines in July 2021, Taiwan has obliged virtual asset service providers (VASPs) to comply with its anti-money laundering legislation. Crypto businesses can adopt self-supervision norms by forming an industry association.

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