Balanced News: Mastercard says wide adoption of central bank digital currencies would be ‘difficult’ right now

Mastercard’s blockchain and digital assets lead for Asia-Pacific, Ashok Venkateswaran, stated that there is not enough justification for the widespread use of central bank digital currencies (CBDCs) at present, making broad adoption difficult. He emphasized that the challenge lies in adoption, as CBDCs should be as widely accepted as cash. While many countries are exploring CBDCs, only 11 have adopted them, with others still in the planning and research stages. Venkateswaran also highlighted the need for a strong case for CBDC implementation, as countries with efficient payment systems may not require a retail CBDC but could benefit from a wholesale CBDC for interbank settlements.