MasterCard Will Support Cryptocurrencies If It Is Supported by the Government
It looks that another firm is turning positive towards digital currencies. MasterCard, whose the company’s CEO recently dished out digital currencies and called them junk, is now open for the decentralized platform.
While addressing Financial Times, Ari Sarkar, MasterCard’s Co-President for the Asia-Pacific region said the organization is positive about cryptocurrencies and is open towards the digital currencies that are established and supported by governments across the world.
Sarkar added that the firm is also ready to support cryptocurrencies as long as they can meet the requirements of governments across the globe and they are not anonymous.
Various countries around the world including Estonia, Israel, England, Russia, China, and India among others have plans to launch their cryptocurrencies, which will be controlled by the central banks of the respective countries.
But apart from Venezuela who lately launched their currency, the Petro, other countries are yet to take any concrete measures in starting their digital currencies.
Earlier, MasterCard’s CEO, Ajay Banga said that non-government mandated digital currencies are a waste of world resources. He also added that Mastercard would be at the front line in spearheading solutions for government launched digital currencies across the globe.
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Earlier in February, both MasterCard and its competitor VISA had reclassified crypto related transactions that utilized credit card as a cash advance from the previous categorizations of purchases.
Due to classification changes, cryptocurrency buyers using credit cards were obliged to pay a fee of 5% more to the credit card merchant in addition to the credit card fee charged.
However, the apparent disgust that MasterCard has towards cryptocurrencies has not restricted the firm from dabbling its hands and operating on digital currencies and blockchain related technologies.
According to Mr. Sarkar, the organization’s development and research firm, MasterCard Labs, has filed various patents associated with blockchain technologies and digital currencies.
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I don't think these companies are disgusted by cryptocurrencies when they have the necessary capital to develop their own blockchain.
@cryptonfused There is a reason they are taking every step with caution.
I think having Central bank crypto defeats the purpose of Digital currency. The Ideal is that is not controlled by any organisation or country. This is the peoples currency. The big banks are running scared because they have just realised they will lose control.
@andyjem true.
Hi, your research friend@crytofy is interesting and this information indicates the entry to the future of cryptocurrencies worldwide despite its decentralized characteristic.
@magdasierra You are right. The future is bright.
Thanks a lot for wonderful post bro @cryptofy ⊱✿ ✿⊰
@luckyyou You are welcome all the time.
mastercard helps easy, simple, safe and fast way to work in market process. great, it can be used anywhere, without having to think of the type of currency
@yusfriadi Very true. It's much reliable.
That would be...interesting
@retaliator True. The crypto sector is interesting day by day.
Its stupid that they make such a statement as crypto that are not government mandated are a waste of time. I think the opposite is more true. One of the major selling points for crypto was freedom from central bank control.Now they wanna discredit the foundation that paved the way. That's crap. Glad they are attempting to support crypto, even if its in some attempt to control our freedom.
@mrfrancis They seem to have come a long way. At the end of it, they will support.
This is not positive, governments need to F off...
We are the governments. The govt is controlled by the people. Unless the govt are sole AI or cyborg, then ok.
The masses should push to force govts to take on a more positive approach towards cryptocurrencies.
Beware, the cryptocurrencies were created by people just like you, they too can in a snap, turn into what you think you hate, the govt
We want less guberment!!!
@lordtricky Sure. People want more freedom.
@cryptonfused Nothing is hard.
@lordtricky Sure. People want more freedom.
@lordtricky Think Mastercard want to work with stable and cryptos that are only supported by governments. Think they have a good reason to do so due to high risks.
I agree there are risks involved, and this is why the masses are ignorant of crypto. We do not want the guberment terrorists anywhere near crypto :)
@lordtricky Sure.
@cryptonfused Nothing is hard.
@lordtricky Sure.
Will mastercards even be needed in the near future?
That's a good question lmao. Indeed they might be trying to fit into a puzzle that they don't belong in. Didn't see it that way until your comment.
@mrfrancis Probably they are feeling threatened by the unfolding of the whole thing. Let wait and see.