Mastercard has announced that it is planning to give customers cryptocurrency payment options later in the year.
Mastercard on Wednesday said that it will start supporting selected cryptocurrencies directly on its network, joining the list of large firms embracing cryptocurrencies.
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However, Mastercard said that it is not recommending the use of cryptocurrencies to people rather that it is enabling customers, merchants and businesses to move digital value – traditional or crypto – however they want.
“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.”
Mastercard said that all cryptocurrencies will not be supported in its Network. However the credit-card giant is yet to disclose which digital currencies its network will allow.
“Many of the hundreds of digital assets in circulation still need to tighten their compliance measures, so they won’t meet our requirements. We expect consumers and the ecosystem as a whole will start to rally around the crypto assets that offer reliability and security. It’s those very same stablecoins that we expect to bring into our network.”
Some recent occurrences
Tesla on Monday revealed that it had acquired $1.5 billion dollar worth of Bitcoin and that it plans to start accepting Bitcoin as payment for its services.
Earlier in February Visa disclosed that it plans to provide the infrastructure to traditional banks that will enable them seamlessly offer crypto currency products and services to their customers.
BlackRock, the world’s largest asset manager has enabled two of its mutual funds to invest in Bitcoin futures.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
