Mastercard announced that this year it will begin to support select cryptocurrencies, only those that meet its standards
Photo: David McBee / Pexels
Raj Dhamodharan , Executive Vice President of Digital Assets and Blockchain Products of Mastercard announced that in 2021 the company will support cryptocurrencies on its network , recognizing that these digital assets are becoming an important part of the world of payments .
In a message shared on the blog of the financial firm , Dhamodharan detailed that “ We are seeing this happening in the Mastercard network , with people who use cards to buy crypto assets , especially during the recent rise in value of Bitcoin . We also see that users take advantage of more and more cryptographic cards to access these assets and convert them to traditional currencies to spend ”.
The message announces that that this year Mastercard will begin to support select cryptocurrencies and that will be very attentive to the assets they support based on the principles for the digital currencies , which focus on the Consumer protection and compliance .
The executive shared that “ Mastercard is not here to recommend that start using cryptocurrencies . But we are here to enable customers, merchants and businesses move the digital, traditional or cryptographic value , as they wish. ”
According to the firm, this change may lead to the c or traders to new customers who are already flocking to the digital assets and help the sellers to retain existing ones who want this additional option.
To ensure reliability and security in this project Mastercard ensure that it will focus on four key elements :
- Consumer protection, including privacy and information security.
- Offer the same level of security that people expect from their credit cards .
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