PURCHASE, N.Y.—Mastercard said it was working with the Chinese central bank – the People’s Bank of China – to discuss the prospect of making its planned digital yuan interoperable across borders.
The company, which has worked on similar projects in countries such as the Bahamas, is also believed to be discussing this prospect with other central banks around the world, FX Compared reported.
“Central bank digital currencies such as that being piloted by Beijing could be circulated outside their home countries and converted into foreign currencies via a card clearing network,” said a senior spokesperson for Mastercard.