Mastercard announced direct support for cryptocurrencies in its payment system


The American financial corporation Mastercard plans to provide merchants in their system with the ability to accept payments in cryptocurrencies by the end of the year.

Mastercard previously offered limited cryptocurrency transactions as part of a partnership with card issuers Wirex and Uphold. Such cards only support outgoing payments and do not allow the entire settlement cycle in cryptocurrency: it is converted into fiat currency before being received by the recipient.

It is assumed that, thanks to the new initiative, merchants on the Mastercard platform will be able to completely move their relationships with their customers outside the fiat system, writes ttrcoin.

Mastercard plans to carefully choose the cryptocurrencies it will support. In addition, the company actively interacts with global central banks developing their digital currencies (CBDC).

Meanwhile, US Treasury Secretary Janet Yellen on Wednesday warned of internet-related risks, including the misuse of cryptocurrencies.

“Cryptocurrencies are used to launder the profits of drug dealers on the Internet, they have become a tool for financing terrorism,” Yellen said.

VTB CEO Andrey Kostin expressed concern about the possibility of investors leaving the stock market for bitcoin. According to him, unnecessary restrictions for investors in the stock market can lead to their departure to cryptocurrencies.

Twitter CFO Ned Segal said the company is considering transferring some of its reserves to the first cryptocurrency.

The example of electric car maker Tesla, which bought $ 1.5 billion worth of bitcoins, will be followed by many companies and this will accelerate the phasing out of the fiat system, said Litecoin creator Charlie Lee.

Analysts at JPMorgan hold the opposite opinion, who suggested that large companies would not invest in bitcoin due to the high volatility of the asset.

“If more and more companies, like Tesla, simultaneously view bitcoin as money and investment, it could create a self-sustaining spiral of BTC growth for months to come,” said the FxPro analyst team.

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