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MasterCard Wants To Support Some Cryptocurrencies Soon

US Payments Giant - Mastercard is Bringing Crypto to its Network 


US payments giant Mastercard has made an Announcement that it will soon start supporting select cryptocurrencies directly on its network to help provide merchants, customers, and businesses with more choices to choose from when it comes to how they use their money.

This move comes after more users have begun using credit cards from the Mastercard and other companies to purchase crypto assets especially during the recent surge in the value of Bitcoin. At the same time, the firm has seen its customers increasingly take advantage of crypto cards to access their assets and also convert them into traditional currencies for spending.

However, as this is a huge change for Mastercard, the payments giant has planned to be quite selective regarding which cryptocurrencies it will have to support. The decision of MasterCard to offer support and favour one cryptocurrency over another will be majorly based on the company's principles for digital currencies which is focused on consumer protections as well as their compliance.

Mastercard won't agree to the recommendation that its customers start using cryptocurrency but the firm will enable their merchants, customers, and businesses to move digital value, whether that will be traditional or crypto, however the customers want it. 

Cryptocurrency Support

By opening up its network to choose cryptocurrencies, Mastercard will now create new possibilities for both merchants and shoppers. For instance, merchants may get new clients that have already moved to digital assets or sellers will be able to build their loyalty with existing clients who need this additional option.

In a recent blog post, EVP of digital asset and the blockchain products and partnerships at Mastercard, Raj Dhamodharan explained this: "Not all of today's cryptocurrencies will be given support on the company's network." Reason be, cos many of the hundreds of digital assets in circulation will want to tighten their compliance measures in order to meet the company's requirements, but the best will be selected.

Mastercard will be supporting cryptocurrencies that follow local laws and their rules and regulations in the regions in which they are used, they will have consumer protections in-built, also included strict compliance protocols including Know Your Customer and are stable enough to be a means for spending and not just investment.

MasterCard company is also working with several major central banks that are worldwide as they review big plans to launch new digital currencies called CBDCs (central bank digital currency).

We'll be waiting to likely hear more from Mastercard once its crypto plans have been finalized but right now interested users can already obtain a crypto card from the payments giant through their partnership with BitPay and Wirex last year.

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