Mastercard uses cryptocurrency as a payment method
In a blog post from Raj Dhamodharan, Executive Vice President of Digital Assets, Blockchain Products and Partnerships, the company said it is gearing up for the future of cryptocurrencies and payments.
“Regardless of how you feel about cryptocurrencies – from fanatic to outright skeptic – the fact remains: these digital assets are becoming an increasingly important part of the world of payments,” the blog said.
“This is a big change that will take a lot of work. We will be very careful what resources we support based on our digital currency guidelines, which focus on consumer protection and compliance.
“Our philosophy of cryptocurrencies is simple – it all depends on the choice. Mastercard is not meant to advise you to start using cryptocurrencies. But we are here to enable customers, merchants and businesses to transfer digital, traditional or cryptocurrency values, whatever they may be. a wish.
“To be completely clear, not all cryptocurrencies will be supported on our network today. While stablecoins are more regulated and trusted than in the recent past, many of the hundreds of digital assets in circulation have not yet strengthened their compliance measures, so they do not meet our requirements. “
Mastercard said this development will create more opportunities for buyers and sellers to transact using a completely new form of payment.
It lists consumer protection, strict compliance protocols including Know Your Customer (KYC), compliance with local laws and regulations in the regions where they are used, and the ability to be used as a payment option as criteria to be used when choosing a cryptocurrency. for use. added to my network.
The central bank of Nigeria recently ordered banks and other financial institutions to close the accounts of individuals or entities involved in cryptocurrency transactions.
CBN claims that cryptocurrencies carry the risk of investment loss, money laundering, terrorist financing, illegal cash flows, and other criminal activities.
Source: – Cable