Mastercard executive: skeptical of retail CBDC adoption in countries with strong payment networks

Ashok Venkateswaran, Head of Blockchain and Digital Assets for Asia Pacific at Mastercard, recently expressed doubts about the widespread adoption of CBDC at the Singapore Fintech Festival, especially in regions with strong payment systems. Venkateswaran noted that consumers prefer traditional forms of currency such as notes and coins. He also said that where existing payment systems are efficient, there is not enough reason for CBDC adoption. Citing Singapore as an example, he said: "(In Singapore) there is no reason to launch a retail CBDC, but it makes sense to launch a wholesale CBDC for inter-bank settlement." It is worth mentioning that Mastercard itself is also actively participating in the CBDC field. The company has completed testing its solution within the Hong Kong Monetary Authority’s e-HKD pilot project and is promoting collaboration through its CBDC Partner Program. (BeInCrypto)