Tech

Mastercard Starts to Supporting Cryptocurrencies

MasterCard will start allowing customers to use some cryptocurrencies on its network later this year. The company will join to companies adopting digital tokens.

Vice President of Digital Asset Products Raj Dhamodharan written in the blog post. It is currently preparing for the future of cryptocurrencies and payments, and this year Mastercard will begin to support certain cryptocurrencies directly on its network. Earlier this week, Tesla announced a $ 1.5 billion investment in bitcoin and said it would soon begin accepting the token as payment for its products.

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Mastercard currently allows cardholders to spend digital assets on external platforms. However, this means that the transaction does not actually go through your own network. Now, the company aims to support its crypto partners by allowing more sellers to accept digital currencies. Dhamodharan says this will eliminate inefficiencies.

The company also actively interacts with central banks around the world to create new digital currencies; He said that for people to have new forms of payment.

Mastercard has said that it will not support all cryptocurrencies on its network. The company has stated that it will be very careful about the assets it backs, relying on digital currency principles that focus on consumer protection and compliance. Additionally, Mastercard did not specify which tokens would be suitable for use on its network.

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