On February 10, Mastercard announced that it would start supporting certain cryptocurrencies on its payment network. However, the financial transaction processor has not specified which cryptocurrencies it will work with and some of its requirements may exclude some of the main ones.
KEY POINTS TO REMEMBER
Cryptocurrencies are increasingly accepted as a means of payment and Mastercard joins the trend.
The payment processor has not disclosed which cryptocurrencies it will support and its current requirements may exclude most (if not all) of them.
- The move is another recent step in legitimizing cryptocurrency and the technology behind it.
- Mastercard passed the servant to add Cryptocurrency
Mastercard is available for the use of cryptocurrency for customers, in particular Bitcoin. The society a vu des consommateurs utiliser leurs cards de debit. Mastercard for acheter des actifs cryptographiques and commencer à utiliser des cartes cryptographiques sur are réseau.
With cryptocurrencies increasingly accepted as an investment and payment method, Mastercard is taking steps to make it easier for people to transact with secure digital currencies.
The network will add crypto this year, but there are obstacles
Mastercard's announcement says that consumers will be able to begin conducting encryption transactions on its network sometime in 2021.
However, some experts have questioned the feasibility of the implementation based on Mastercard's requirements. According to the company, cryptocurrencies must meet certain criteria to be considered. These include:
Provide strong consumer protection, including the confidentiality and security of consumer information and transaction data.
Allow all stakeholders including financial institutions, merchants, and mobile network operators to contribute to and benefit from your blockchain networks.
Operate following applicable laws and regulations, including anti-money laundering laws.
According to a report by Ars Technica, it is unclear if any of the existing cryptocurrencies can meet all three requirements. In fact, it will be a disaffection to maintain the decentralized nature of digital currencies in a regulatory environment.
Although Mastercard was not specifically designed for assets to be added to its network, the announcement is one of many initiatives further eliminating the use of crypto. In the last week, for example, BNY Mellon,
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