September 26, 2021

MasterCard announces support for crypto on its network

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MasterCard has announced plans to support cryptocurrencies in 2021, paving the way for its nearly one billion users to spend digital assets at more than 30 million merchants.

The firm believes this may open merchants up to new customers and build loyalty with existing customers who are already migrating to digital assets over traditional fiat options.

“It’s about choice. MasterCard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value”

While the global payments giant noted it is planning to support stablecoins due to their “reliability and security,” Mastercard declined to name any specific cryptocurrencies it will integrate.

However, Mastercard offered four core criteria by which it will be assessing prospective assets: robust consumer protections including consumer privacy and security, strict KYC compliance, adherence to local laws and regulations, and stability as a means of payment.

MasterCard also noted it is “actively engaging with several major central banks around the world” to support central bank digital currency initiatives, or CBDCs.

Last year, the firmTitle: MasterCard announces support for crypto on its network
Sourced From: cointelegraph.com/news/mastercard-announces-support-for-crypto-on-its-network
Published Date: Thu, 11 Feb 2021 02:36:08 +0000