Mastercard will soon accept cryptocurrencies, stablecoins and CBD

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Will this translate into another boost for cryptocurrencies?

As a welcome for crypto-currenciesMastercard updated its cryptocurrency plans during the company’s earnings call on Thursday. The CEO of the payments giant, Michael Miebach, explained that his company wants to get involved in three areas of crypto. In addition to Bitcoin, Mastercard also wants to focus on private stablecoins and central bank digital currencies.

He said, “We want to play a role in each of them. It is obviously a dynamic space around digital currencies… it is a relevant technology. As a multirail actor, we need to be in this space because people are looking for answers. ”

He also explained how the company is facilitating the seamless connection of cryptocurrency wallets to their network through a pilot project called Paxos, Circle and Evolve Bank & Trust, which will make it easier to convert crypto to fiat currency. Mastercard is also partnering with Consensys, the Ethereum software engineering company to accelerate the development of crypto applications and services for its customers.

To provide stable coins in the picture, Mastercard engages with private sector players and regulators to formulate good policies due to lack of regulatory compliance. The company is committed to technologically enabling its network to transport these stablecoins as settlement currencies, once they meet all of the company’s criteria of regulatory compliance, consumer protection and stability.

Riding the wave of speculation, Mastercard also believes central governments are working on their own digital currencies which will be regulated by them. To not miss this opportunity, Mastercard will facilitate trading with these digital currencies so that all countries can use the services with ease. Speaking about the company’s value proposition to central banks and government in the crypto arena, the CEO said, “We bring a unique perspective to the market… to these players as a multirail provider because all of these countries need to to make a compromise. . He further added: “I think a particularly critical proposition here is our virtual testing platform, because all of these design choices that governments have to make and that we consult on, we have to live in the wild. , so to speak. They have to work with the existing financial infrastructure, and that is what our virtual testing platform does for them.

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