MasterCard announce plans to support crypto later in the year

MasterCard has announced plans to support cryptocurrencies later on in 2021. This will allow its over one billion users to use cryptocurrencies at more than 30 million merchants.

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The global payment giants reported that many of their customers have been buying cryptocurrencies with their Mastercards, stating that there’s an increasing demand for crypto assets among their users in the present market.

We are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want. It should be your choice, it’s your money.

Although the firm hasn’t specified which cryptocurrency coin or token it would integrate but noted it is planning to support stablecoins due to their “reliability and security,”.

MasterCard has narrowed down four core criteria by which it will be assessing prospective crypto assets to be considered, which are:

  • robust consumer protections including consumer privacy and security
  • Strict KYC compliance
  • Adherence to local laws
  • Regulations stability as a means of payment.

The payment giants also noted it is “actively engaging with several major central banks around the world” to support central bank digital currency (CBDC) initiatives.