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Mastercard will Start Working with Cryptocurrencies in 2021

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Mastercard will start working with cryptocurrencies in 2021

The Mastercard company said it will support digital money transactions directly through its network

Mastercard

Mastercard will start working with several cryptocurrencies as part of its international payment system in 2021. Raj Damodaran, Executive Vice President of Digital Assets, Blockchain Technologies, and Partnerships, stressed that the company does not intend to support all existing cryptocurrencies, many of which do not yet meet its requirements. The press center will publish a list of cryptocurrencies that will be supported by the Mastercard payment network in the near future. In the future, the company is ready to provide support for all major digital currencies, the top manager emphasized.

Mastercard is going to add only Stablecoins

Damodaran noted that, first of all, we are talking about supporting stablecoins – cryptocurrencies backed by real assets. Mastercard believes digital money should provide stability so that people can use it for day-to-day transactions, not investments.

“Our philosophy with cryptocurrencies is simple: it’s all about choice. Mastercard does not aim to recommend that you start using cryptocurrencies. Our goal is to enable buyers, sellers, and business representatives to transfer funds, traditional or cryptocurrency, however, they want. This should be your choice, this is your money, ” – the company said in a statement.

The publication also reveals that Mastercard is actively partnering with several major central banks around the world. The payment system assists financial regulators in the development of central bank digital currencies (CBDCs).

Earlier it became known that the payment giant Visa announced the release of its own system (API) for the purchase of cryptocurrencies, which will be integrated by banks. The product launch is scheduled for the end of this year. The first user of the service will be digital bank First Boulevard.

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