MasterCard announces acceptance of Cryptocurrency

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MasterCard announces acceptance of Cryptocurrency

MasterCard announces acceptance of Cryptocurrency

MasterCard recently announced that it will support Cryptocurrencies by the end of 2021. It is not yet clear what currencies MasterCard will support on its network.

According to The Block, MasterCard wrote in a post on its official blog:

Whatever your opinion of Cryptocurrencies, whether you are a big fan or a bloodthirsty enemy, the truth is that these digital assets are becoming an important part of the payments world.

In another part of the MasterCard announcement, it is stated:

We are preparing for the future of digital currencies and payments and we announce that this year MasterCard will start direct support for some Cryptocurrencies in its network. This is a big change that requires a lot of effort.

It is unknown at this time what Cryptocurrencies MasterCard will support. The payment giant said:

We will do a lot of research on what assets we will support. Adding currencies is based on our principles about digital currencies. These principles focus on consumer rights and compliance with laws.

MasterCard has also announced that stable coins will be among the company’s sponsored Cryptocurrencies. The company wrote about this:

Clearly, not all digital currencies on our network will be supported. Recently, stable coins have been shown to be more regulated and enforceable, on the other hand, there are hundreds of digital assets that still need to work on compliance with their rules to meet our standards. We expect consumers and the ecosystem, as a unit, to be drawn to assets that provide security and trust. These are the stable digital currencies we expect to bring into our network.

Prior to the announcement of MasterCard’s new plans, the company’s activities in the field of digital currencies revolved around card services. MasterCard, for example, provided an opportunity for users to make purchases through card readers using digital currencies. It is worth noting that in this method, acceptors received government currencies instead of digital currencies.

“Your MasterCard said:

How we deal with Cryptocurrencies is simple and straightforward: it is a matter of choice. MasterCard is not here to tell you to use Cryptocurrencies a little bit. We are here to enable customers, businesses and retailers to move towards digital value.

MasterCard announces acceptance of Cryptocurrency

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