Mastercard will allow cryptocurrency on its network soon

Mastercard has revealed that it will soon begin to directly support selected cryptocurrencies on its system to provide more choices for customers, merchants and businesses when it comes to how they use their money.

“We are planning for the future of crypto and payments, confirming that Mastercard will start actively funding selected cryptocurrencies on our network this year. This is a big change that will require a lot of work”, said Vice President Mastercard.

The organization said that it was “actively engaging” with governments and central banks globally to potentially introduce new digital currencies so that individuals have a new payment system.

Mastercard now requires cardholders to use external sites to invest on digital properties. But this ensures that the transaction simply doesn’t go into its own network. But now, by encouraging several more retailers to embrace digital tokens, the firm strives to support crypto partners.

In the regions in which they are used, Mastercard would endorse cryptocurrencies that conform with local laws and regulations. It will include built-in consumer security, stringent enforcement procedures like ‘Know Your Client’, which are secure enough to be a medium for purchasing and not just investment.

Mad Money host Jim Cramer recently said that Mastercard is pushing bitcoin further into the mainstream, along with Paypal and Elon Musk’s Tesla. On Monday, Tesla announced it had invested $1.5 billion into Bitcoin.