Bitcoin, Cryptocurrency And Blockchain News

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


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.