The cryptocurrency adoption taking centre stage, While traditional card networks are trying to ensure that their services can benefit from new developments in digital assets. They can be digital currencies issued by central banks or stablecoins from the private sector.
Mastercard, Visa and other fee processors plan to continue their business prominence by using their vast consumer base and worldwide reach in order to draw authorities and individuals to their stablecoin or CBDC testing.
Mastercard CEO Michael Miebach spoke out about recent developments in cryptocurrency and CBDC during a press conference held on July 29. He said that Mastercard was well-prepared to be a pillar in internal and external value flows.
We believe that what we do is bring to the market the prospect of being a multilateral payment provider. We have to be in this space because people are looking for answers.
Miebach mentioned that Mastercard would assist in stablecoin transactions as long as they strictly adhere to monetary law and provide security for customers.
Mastercard and digital world
Mastercard has been very active within the digital world. Visa, its main competitor, helped to stimulate the company. Mastercard declared in February that they plan to support cryptocurrencies by 2021. Mastercard is aiming to allow nearly a trillion users to access cryptocurrency through more than 30 million worldwide trading points. SupraOracles and STACS, a blockchain infrastructure provider, are just a few new companies to be included in the program.
Frma also launched a virtual lab environment to enable central banks to model CBDC issues, distributions and transactions. This platform is adaptable to design both wholesale CBDC and retail CBDC. The platform also offers practical insight into many other possibilities.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.