Mastercard To Support Government Backed Cryptocurrencies

Mastercard has recently announced that it is open to using nationally-backed, central bank-issued digital currencies in the future while still remaining firm on their stand that all others are ‘junk’, The Financial Times reported.
The Mastercard co-president for the Asia-Pacific region, Ari Sarkar has spoken in an interview with The Financial Times about the future of the relationship between Mastercard and cryptocurrencies. He said that the credit card giant will be willing to deal with cryptocurrencies as long as they are government backed. “If governments look to create national digital currency, we’d be very happy to look at those in a more favourable way (compared to existing cryptocurrencies)”, said Sarkar. However, he clarified that this is not a change of stance from what Mastercard CEO Ajay Banga had said in an interview last October 2017 where he referred to cryptocurrency as ‘junk’ but stated that there will be Mastercard involvement once government-backed digital currency is concerned.
Sarkar also spoke about a pilot program in Japan and Singapore that would enable Bitcoin traders to cash out directly unto their Mastercard.
There is currently a long list of governments exploring a central bank-backed cryptocurrency. This includes England, Canada, China, Russia, India, Dubai and Estonia. However, only Venezuela has actually launched one: the Petro, which had been subjected to major international criticism.

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