Whether Janet Yellen likes it or not, cryptomoney is becoming real currency. MasterCard announces its intention to enter the cryptomoney business in 2021.
Bitcoin: probably not in the list
MasterCard has announced its intention to enter the crypto business in 2021. 100 billion users would be able to pay in cryptos at more than 30 million merchants.
MasterCard believes that this move into cryptography could enable merchants to attract new customers and retain customers who already use cryptography as an alternative to fiats.
The payment giant has indicated that it plans to support stable corners for their reliability and security. However, it has refused to disclose the list of cryptos it plans to integrate.
MasterCard did, however, provide four basic criteria for evaluating cryptos: strong consumer protection – including privacy and security – compliance with KYC standards, compliance with local laws and regulations, and stability as a means of payment.
MasterCard also revealed that it « actively engages with several major central banks around the world » to support their CBDC initiatives.
In 2020, MasterCard launched a « virtual sandbox » to show how a CBDC could be used to pay for purchases using the company’s infrastructure.
The company also said in its announcement that its customers are increasingly demanding cryptos.
In fact, many MasterCard users have purchased cryptos during the current bull market.
MasterCard launches, Visa confirms
MasterCard has invested significant amounts of money in blockbuster exploration. The company currently holds 89 patents on the blockchain, with 285 other applications pending.
MasterCard has partnered with Wirex and BitPay to create cryptographic cards, although no cryptography has yet passed through the payment giant’s network.
Visa CEO Al Kelly reaffirmed his commitment to cryptographic payments and payment gateways in his first quarter earning call.
Bitcoin is therefore unlikely to be included in the list of cryptos supported by MasterCard as a means of payment. Stablecoins are gaining ground, pending the arrival of the CBDCs. What if all these efforts by the electronic payment giants only benefit the CBDCs in the long run, with stablecoins that could simply become illegal in many countries.
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