{"id":10369,"date":"2021-08-02T11:54:10","date_gmt":"2021-08-02T11:54:10","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/mastercard-outlines-plans-for-cryptocurrencies-stablecoins-central-bank-digital-currencies\/"},"modified":"2021-08-02T11:54:10","modified_gmt":"2021-08-02T11:54:10","slug":"mastercard-outlines-plans-for-cryptocurrencies-stablecoins-central-bank-digital-currencies","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/mastercard-outlines-plans-for-cryptocurrencies-stablecoins-central-bank-digital-currencies\/","title":{"rendered":"Mastercard Outlines Plans for Cryptocurrencies, Stablecoins, Central Bank Digital Currencies"},"content":{"rendered":"

Mastercard\u2019s CEO has outlined the company\u2019s plans to develop products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). \u201cWe want to be playing a role across all of them \u2026 It\u2019s obviously a vibrant space around digital currencies,\u201d said the CEO.<\/strong><\/p>\n

Mastercard Wants a Role in All 3 Crypto Areas<\/h2>\n

Payments giant Mastercard provided an update of its cryptocurrency plans during the company\u2019s earnings call Thursday. CEO Michael Miebach explained that his company wants a role in three crypto areas. In addition to cryptocurrencies, such as bitcoin, the company also focuses on the private sector\u2019s stablecoins, and central bank digital currencies. He affirmed:<\/p>\n

We want to be playing a role across all of them \u2026 It\u2019s obviously a vibrant space around digital currencies \u2026 This is a relevant technology. As a multi-rail player, we got to be in this space because people are looking for answers.<\/p>\n

For cryptocurrency, Miebach explained: \u201cWe\u2019re making it easier for cryptocurrency wallets to connect seamlessly to our network through a pilot with Paxos, Circle and Evolve Bank & Trust, which simplifies the conversion of crypto into fiat.\u201d The executive added: \u201cSeparately, we\u2019re partnering with Consensys, the Ethereum software engineering firm, to accelerate the development of crypto applications and services to our customers.\u201d<\/p>\n

Regarding crypto investing, the CEO said:<\/p>\n

Clearly, people want to invest in that. They don\u2019t want to sell their investments, and we\u2019re going to make this as easy as possible. So we have all these partnerships out there.<\/p>\n

As for stablecoins, the CEO said that Mastercard is \u201cengaging with private sector players as well as regulators on what does good policy look like around private sector stablecoins because this question about regulatory compliance is still unresolved.\u201d<\/p>\n

Miebach then reiterated what he said during the company\u2019s Q1 earnings call that Mastercard was \u201cgetting ready to technologically enable our network to carry these stablecoins as settlement currencies provided they meet one of our \u2014 all three of our criteria, which is regulatory compliance, consumer protection and stability.\u201d<\/p>\n

Regarding central bank digital currencies, he noted that a growing number of central banks are exploring CBDCs, including the European Central Bank (ECB) and the Bank of England. The executive said:<\/p>\n

Things are definitely continuing to move forward \u2026 there is clear progress.<\/p>\n

<\/p>\n

Responding to a question about Mastercard\u2019s value proposition to central banks and the government in the crypto space, the CEO said: \u201cwe bring a unique perspective to the market \u2026 to these players as a multi-rail provider because all these countries have to make the trade-off.\u201d He opined:<\/p>\n

Everybody has different motivations ranging from financial inclusion to cross-border payments and hence, we\u2019re a sought-after party because we have experience in all of that.<\/p>\n

Specifically, he noted: \u201cI think a particularly critical proposition here is our virtual test platform because all of these design choices that governments have to make and that we consult them on, we then have to live in the wild, so to say. They\u2019ve got to work with the existing financial infrastructure, and that\u2019s what our virtual test platform does for them.\u201d<\/p>\n

What do you think about Mastercard\u2019s plans for the crypto space? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nFinance, MasterCard, mastercard bitcoin, mastercard cdbc, mastercard central banks, mastercard crypto, mastercard crypto products, mastercard cryptocurrency, mastercard stablecoins<\/p>\n","protected":false},"excerpt":{"rendered":"

Mastercard\u2019s CEO has outlined the company\u2019s plans to develop products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). \u201cWe want to be playing a role across all of them \u2026 It\u2019s obviously a vibrant space around digital currencies,\u201d said the CEO. Mastercard Wants a Role in All 3 Crypto Areas Payments giant…<\/p>\n","protected":false},"author":0,"featured_media":10370,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10369","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10369"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10369"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10369\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10370"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}