by Rushali 
MasterCard has announced that they will allow their customers to spend cryptocurrencies on various merchants. They have plans to support cryptocurrency in 2021. They have around one billion customers who can spend cryptocurrencies on more than 30 million merchants.
The company believes that this move will help the merchants to have new customers as well as the old customers who are moving to the digital currency. They said that it completely depends on the customers that they want to use cryptocurrency or not, they will never force them to do that.
However, they didn’t clarify that they will support which coins just said that they will support stable coins due to their “reliability and security.”
The global payments giant have kept four criteria on which they will judge the assets:
1.Consumer protections (consumer privacy and security)
2.KYC compliance
3.Following local laws
4.Stability as a means of payment.
The firm is also dealing with several Central Banks to support central bank digital currency initiatives or CBDCs.
This announcement also increased the number of its customers who are trading cryptocurrency with their MasterCard in this bull run.
MasterCard acknowledged the fact that digital currency is the future.
Before this announcement, the company has been partnered with many companies like Wirex and BitPay to create crypto cards.
This week only we have seen Tesla purchasing $1.5 billion Bitcoin from its cash reserve and will soon accept bitcoins for its products. Now MasterCard has entered the list of institutions adopting cryptocurrencies. Paypal also announced that it will offer crypto payments for its 26 million merchants after its limited crypto trading services. Visa’s CEO also reformed its commitment to accepting cryptocurrencies.
Now, let’s see which company will be next to enter into the list.
