Mastercard plans to provide support services for cryptocurrency on its network this year. This was announced on Wednesday (10/2).
The plan follows the steps of a number of large companies that have expressed similar support.
The global credit card network giant’s announcement comes days after the Elon Musk company Tesla Inc disclosed that it bought bitcoin worth US $ 1.5 billion and will accept purchases using cryptocurrency in the near future.
Several Payment Companies Also have The Same Plans
Previously, similar plans were also taken up by asset management companies BlackRock Inc and payment companies such as Square and Paypal.
Currently, Mastercard has offered a card service that allows users to use crypto money, even though it is not yet through its network.
“Doing this will create many opportunities for consumers and merchants, enabling them to transact in new payment instruments. This change will allow merchants to reach new customers who are currently enjoying digital assets,” explained Mastercard.
However, Mastercard emphasizes that not all cryptocurrencies will be supported by the network. The company also added that many of the hundreds of digital assets in circulation need tightening the rules for their use. Unfortunately, the company did not specify the types of cryptocurrencies they would receive their support for.
For the record, many cryptocurrencies have a hard time gaining the trust of most investors and the public. It’s due to their speculative nature and potential money laundering.
In Indonesia, Bank Indonesia has not yet recognized digital currency as a legal means of payment. As a result, the government or related authorities cannot interfere with the ups and downs of the crypto currency.