Although MasterCard’s CEO’s recently criticized cryptocurrencies, calling them equivalent to junk, but now the MasterCard folks are showing a progressive step towards supporting cryptocurrencies that are backed by the Government.
MasterCard’s Co-President for the Asia-Pacific region, Ari Sarkar, the company is ready to support cryptocurrencies if they plan to reveal their true identity and meet stringent regulatory requirements of governments across the world. He also called cryptocurrencies an area of greater interest for the company.
In the wake of certain regulations already being imposed by the government, countries like India, China, Russia, England, Israel and Estonia among others are rumorred to be planning to launch their own cryptocurrencies, which they would regulated by the central banks of these respective countries. For example, Venezuela, was the recent most country to have launched their own currency, the Petro.
In an earlier interview with Economic Times last October, MasterCard’s CEO, Ajay Banga, had apparently called digital currencies as junk and said the decentralized, non-government approved cryptocurrencies are a waste on global resources. He also showed that the company will gear up in full support for government launched cryptocurrencies across the world.
Then in February 2018, both MasterCard and its rival VISA had reclassified cryptocurrency related transactions done using credit card as cash advance from the earlier classification of purchases. Due to which, buyers of cryptocurrency using credit cards were made to pay an extra 5 percent fee to the credit card merchants apart from the credit card fee charged.
However, MasterCard’s hostility towards cryptocurrencies have not stopped the company from trying its hands on cryptocurrencies as well as blockchain related technologies.
MasterCard Labs, which is the company’s research and development firm, has already filed a bunch of patents related to digital currencies and blockchain technologies.
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