In a blog post dated February 10, Mastercard said that it will start supporting select cryptocurrencies directly into its network in 2021.
“We are preparing right now for the future of crypto. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want,” Mastercard said.
The company considers four key factors to select the crypto assets they will be using, with consumer protection, including privacy and security of information, being the most important one.
Strict compliance protocols — such as Know Your Customer, a requirement meant to snuff out illegal activity and deception in payment networks — will be needed next, followed by digital assets’ compliance with local laws and regulations.
Mastercard went on to add that they would be creating stability for people who are focusing on spending, not investing cryptocurrency.
Last year, the company teamed up with Wirex and BitPay to create crypto cards that allowed people to transact using cryptocurrencies. This year, LVL, an up and coming cryptocurrency exchange, was added to the team.
Tesla also recently announced that they accept bitcoin as a new payment method for their cars. As of February 17, 1 Bitcoin is C$65,405.76.
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