Not a week goes by without an important announcement on cryptomoney! It seems that the movement operated by Paypal last year is being emulated. Indeed, since then, major industrial or economic players have communicated on their rapprochement with cryptomoney. Lately, the announcement came from Tesla via the voice of Elon Musk. Today, Mastercard has just published a post which announces the forthcoming arrival of cryptomoney on its network.
Mastercard prepares for the cryptomonnages
After the arrival of Paypal on cryptos, it was only a matter of time to see other big players take the plunge. For a few months, the eyes were notably turned towards the giants of the banking network such as Visa or Mastercard. It seems that things have moved a bit on the Mastercard side.
Indeed, on Wednesday, February 11, 2021, the company Mastercard published a post that attracted the attention of the entire cryptosphere. The company announced that it was working on accepting cryptographic payments on its network.
« Whatever your views on crypto-currencies – from the fanatic to the absolute skeptic – the fact remains that these digital assets are becoming a more important part of the payments world. (…) We are now preparing for the future of cryptography and payments, announcing that this year Mastercard will start to support some crypto-currencies directly on our network.
In the past, Mastercard had launched a relatively similar initiative by teaming up with Wirex and Bitpay. However, the idea was simply to turn crypto into fiat money that could then be used on the Mastercard network. The new crypto service offered by Mastercard therefore goes much further by allowing direct payments in crypto.
Which cryptomonnages would be accepted on the Mastercard network?
If Mastercard didn’t give a lot of details, we know that only stablecoins will be admitted. In addition, they will have to meet the following four conditions to be accepted:
In concrete terms, these are very standard conditions. The first three conditions have to do with transparency and compliance with existing regulations. In other words, Mastercard intends to use only street-side stable corners. With the last condition, Mastercard shows its willingness to offer its customers the possibility to use crypto as a means of payment but not as an investment product. Indeed, a stable corner differs from a classical cryptomony by the fact that its price always remains relatively stable.
There is no doubt that this announcement and the implementation of this service will make a lot of noise and will boost the price of cryptomoney, with Bitcoin in the lead. Who will be the next big banking player to turn to cryptosystems?
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