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Mastercard Will Support National Cryptos as Long as They Meet Regulatory Requirements

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Mastercard executives have gone on record, saying that they are perfectly happy to support government-issued, national cryptocurrencies; as long as they meet regulatory requirements. This latest statement has come from Mastercard Asia-Pacific co-President Ari Sarker, who even said that Mastercard Labs is heavily involved in crypto and blockchain research. The research facility has, in fact, submitted a number of patent applications in the last few months.

Sarker told Financial Times:

If governments look to create national digital currency we’d be very happy to look at those in a more favourable way…So long as it’s backed by a regulator and it is not anonymous, it is meeting all the regulatory requirements

This is comparable to the sentiments of CEO Ajay Banga from last year:

If the government creates digital currency, we will find a way to be in the game. We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting. Non-government mandated currency is junk.

Of course, there are yet to be any state-issued cryptocurrencies released, other than Venezuela’s highly controversial Petro. Bearing in mind that the oil-backed crypto has not only been denounced as illegal, but has also been the subject of an executive banning order from Donald Trump, Mastercard – an American company – are never going to go anywhere such a risky crypto. However, there have been a number of countries that have expressed interest in the financial potential of national cryptocurrencies. England, France, Russia and a number of others are investing heavily in research, and it may not be too long before we see a transparent, regulated, 100% above board crypto emerge, which may well fit the criteria outlined by Mastercard senior executives.

Image Credit: Deposit Photos

Can you see state-issued cryptocurrencies working? Would they suppress startups and limit diversity in the crypto market? Let us know your thoughts in the comments section below.

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