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Mastercard in talks with Chinese central bank to support digital yuan: report

By on May 7, 2021 0

Mastercard is reportedly in negotiations with China’s central bank to support cross-border use of the digital yuan.

According to SCMP, the card payments giant is in talks with the People’s Bank of China (PBOC) and other central banks to allow the conversion of their respective digital currencies into fiat currencies.

The idea is to use Mastercard’s global payment network of 2 million ATMs and 70 million partner merchants to convert central bank digital currencies (CBDCs) into foreign currencies.

Said Ling Hai, co-president of Mastercard Asia-Pacific,

“While central banks can solve their national problems with digital sovereign currencies, the role we can still play is that of interoperability when payment crosses a country’s borders.

For us, supporting a central bank digital currency is similar to add another fiat currency to our network. “

China is currently testing electronic payment in digital currency (DCEP) in key cities including Suzhou, Xiongan, Shenzhen and Chengdu.

The PBOC and the Hong Kong Monetary Authority are also looking to expand the use of the virtual yuan to the Greater Bay Area, which includes Hong Kong and Macau.

In February, China joined Hong Kong, Thailand and the United Arab Emirates on the Multiple Central Bank Digital Currency Bridge project which explores the cross-border use of sovereign digital currencies.

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