Bitcoin, as we have reported many times in the past, is having a very good time, especially after Tesla's Elon Musk said it is one of the best cryptocurrencies. In another sign that cryptocurrency is here to stay, MasterCard said on Wednesday that it will integrate cryptocurrencies into its network within the year.
Mastercard already offers cryptocurrency cards in partnership with vendors that convert a cryptocurrency into traditional currency, which is then used for transactions. Integrating cryptocurrency into the Mastercard network means instant payments with that crypto, which should be faster and certainly cheaper.
“Whatever your views on cryptocurrencies, the fact remains that these digital assets are becoming a more important part of the payments world,” said Raj Dhamodharan, head of digital asset products at Mastercard, in a post. “Mastercard is not here to tell to start using cryptocurrencies. But we are also here to empower customers, merchants and businesses to use their money – traditional or cryptocurrencies – however they want.”
Dhamodharan said that Mastercard will only accept a select set of cryptocurrencies that meet specific privacy, security and efficiency. This means that the vast majority of altcoins will not be accepted.
Mastercard is following the lead of PayPal, which last October announced a platform on which cryptocurrency can be bought, sold and used as a payment method.
Information source: cnet.com
