Master Card Ari Sarker: Agrees To Use “State-Issued Cryptocurrencies”

According to a statement made on 19 of March, the idea of using national digital currencies accepted by the central bank Mastercard might be coming soon.

Master Card’s senior manager Ari Sarker said-

“If governments want to create national digital currencies, we are happy to accept and support them compared to anonymous cryptographic currencies. We can accept cryptocurrencies as long as they are supported by a regulator. Because they are not anonymous, they fulfill all legal requirements. I think it will be of great interest to a cryptocurrency that will be released in this way.”

MasterCard’s CEO Ajay Banga made the following announcement in the fall-

“MasterCard will contribute to the government-issued digital currencies. However, without government support, all other cryptocurrencies anonymously issued is “insignificant.”

The currencies to be regulated by the State being discussed globally in some countries. Yet a centralized cryptocurrency has not yet been realized by many. The most important example of a successful state issued cryptocurrency is Petro, the petroleum-backed cryptocurrency of Venezuela, which has been debated recently.

Ari Sarker also stated-

“We do not trade Bitcoin over the MasterCard network. We pay attention to this because of the reputation risk.”

MasterCard and Visa consider BTC purchases as “cash transactions” and are subject to additional fees for cryptocurrency customers. Mastercard has filed a patent application for instant payments using Blockchain technology in November of last year. A MasterCard spokesman stated that MasterCard Labs had more than 30 applications for “Blockchain technology and patent on cryptographic currency”

MasterCard is working on Blockchain technology as Ari Sarker said-

“MasterCard Labs is working on a Blockchain technology that will support a wide range of use cases, including, but not limited to, interbank payments. It follows trade financing obligations throughout the blockchain. This technology can provide strong defense against fraud, theft, and account information security to customers and users.”

Sarker also added that MasterCard is running pilot programs in Singapore and Australia for the contactless payment system. Recently, Lloyd Banking Group and JP Morgan in the US banned crypto money purchases with various bank credit cards such as Chase, Citigroup, and Bank of America.

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