Mastercard will begin supporting digital assets later this year; the financial services company announced their upcoming digital asset plans this morning via a blog post. Throughout the blog, Mastercard emphasizes that digital assets are playing a bigger role in the payments world each and every day, and for that reason, Mastercard will start supporting select digital currencies directly on its network.
Mastercard goes on to say that they plan to enable consumer-to-merchant digital currency payments beginning this year and that even though they are growing fond of digital assets, not all digital assets will be supported by Mastercard.
“What are we looking for? Four key items,” said Mastercard in their blog post announcing digital asset support.
First and foremost we need consumer protections, including privacy and security of consumers’ information — the same level of security people have come to expect in their credit cards. Next, strict compliance protocols will be needed, including Know Your Customer, a requirement meant to snuff out illegal activity and deception in payment networks. Also, these digital assets must follow local laws and regulations in the regions they are used.
Lastly, people will want to use these digital assets for payments, so that is one of our criteria too. To reach our network, crypto assets will need to offer the stability people need in a vehicle for spending, not investment.
And Bitcoin checks all of these boxes.
Bitcoin SV (BSV), is notorious for being secure, compliance-first, and going the extra mile to make sure it is in line with regulations across the globe; these are just a few of the reasons why the country Tuvalu is going paperless by using BSV.
Bitcoin SV is also best in class when it comes to payments. If Mastercard is looking for digital assets that people will want to use for payments, then they are going to want to support BSV. BSV is one of the only digital assets that is feasible for payments. With a transaction fee that is only a fraction of a penny–the current transaction fee on BSV is $0.00055– and the ability to process thousands of transactions per second– BSV can currently process roughly 9,000 TPS–there is no blockchain network other than BSV that focuses on being peer-to-peer electronic cash as it is described in Satoshi’s whitepaper.
Mastercard alludes to stablecoins being the digital assets that they will support on their network, however, if Mastercard were to support digital assets that aren’t stablecoins, and seeing that BSV meets the criteria that they laid out, I would expect to see Bitcoin SV supported by Mastercard.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.