Mastercard will start working with cryptocurrency in 2021

The company said it will support digital money transactions directly through its network.

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

Specialist noted that, first of all, they 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.

The publication 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).

Earlier it became known that the payment giant Visa announced the release of its own system (API) for the purchase of cryptocurrencies, which will be integrated by banks. The product launch is scheduled for the end of this year. The first user of the service will be digital bank First Boulevard.

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