The payment giant plans to support digital money transactions via its own payment network
Mastercard will open its network to several cryptocurrencies already this year. Raj Dhamodharan, executive vice president of digital asset & blockchain products & partnerships, emphasised that the company’s objective is not about supporting all digital currencies, as most of them do not meet network’s requirements.
Dhamodharan said MC will primarily focus on stablecoins, or cryptocurrencies backed by real assts. Mastercard believes digital money must guarantee stability, allowing people to use them in daily transactions, rather than investment vehicles.
“Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But 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,” reads the statement.
According to the same very statement, Mastercard is working closely with major central banks around the globe. The payment network is contributing to regulators’ efforts in developing central bank digital currencies (CBDC).
Earlier, another payment services provider, Visa, announced its new suite of crypto APIs for purchasing, custody and trading digital currencies, which will be integrated into the banks. The launch is planned for Q4 this year with First Boulevard neobank to become the first client to pilot the service.