Mastercard will start working with cryptocurrency in 2021

In 2021, Mastercard will start working with several cryptocurrencies as part of its international payment system. Raj Dhamodharan, Executive Vice President of Digital Assets, Blockchain Technology and Partnerships, stressed that the company does not intend to support all existing cryptocurrencies, many of which do not yet meet the company’s requirements.

Dhamodharan noted that, first of all, we are talking about supporting stablecoins – cryptocurrencies backed by real assets. Mastercard believes digital money should provide stability so that people can use it for day-to-day transactions, not investments.

“Our philosophy with cryptocurrencies is simple: it’s all about choice. Mastercard does not aim to recommend that you start using cryptocurrencies. Our goal is to allow buyers, sellers and business representatives to allow funds to be transferred, traditional or cryptocurrency, the way they want. This should be your choice, this is your money, ” the company said in a statement.

The statement also reveals that Mastercard is actively partnering with several major central banks around the world. The payment system assists financial regulators in the development of central bank digital currencies (CBDCs).