MasterCard Incorporated, an international payment system, a multinational financial corporation that unites 22 thousand financial institutions in 210 countries, has recently announced some important recommendations for its work with innovative developments, including blockchain projects.
Due to regulatory issues, MasterCard recently left the Libra Association and at the same time, they are developing their own initiative to expand access to financial services. However, the payment giant noted that it will continue to monitor the design and development of the Libra coin.
One recommendation is consumer protection. MasterCard strives to ensure that all employees work diligently and ensure the confidentiality of user data.
After the turmoil and setbacks Facebook faces in trying to launch Libra, MasterCard will need maximum “submission” from its business partners.
In this case, any blockchain network or DLT (distributed ledger technology), working in conjunction with the payment company, will have to first fully comply with the relevant laws in force in that country, and then act in accordance with established laws governing illegal activities related to cryptocurrencies including combating money laundering, terrorist financing, etc.
Participation in the blockchain process Another important guiding principle is to focus on how to ensure equal participation. Thus, all participants will participate in the technological blockchain process and DLT as “donors” and “recipients”, ranging from telephone network operators and ending with companies in the monetary sector, including banks.
For decades, the payment giant has managed numerous secure, transparent, scalable payment networks around the world. Therefore, it is at this stage that the company takes as its basis its know-how and opportunities for creating new blockchain systems and cryptocurrencies, with the aim of developing the fintech industry.