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mastercard accepting cryptocurrencies n.
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  1. MasterCard accepting cryptocurrencies, but conditions have to be met. In October last year, MasterCard announced that they will be using blockchain technology for those who want a break from the traditional method of swiping cards. However, they made it clear they won’t be accepting any cryptocurrency and they will not be developing their own either. This statement was not so much of a good news for crypto enthusiasts as MasterCard accepting cryptocurrencies on the blockchain would be tastier. MasterCard and visa even classified crypto purchases over their platforms as credit advances and not purchases. The negative effect of this classification is that an interest of up to 5% would be charged on credit cards plus the added interest a cryptocurrency exchange charges. This may see you spending almost 10% of your crypto purchase fund lost in interest alone. MasterCard may soon endorse cryptocurrencies like Bitcoin onto their platform. This will translate into cheaper transaction costs when you are purchasing cryptocurrencies. But don’t get excited just yet. MasterCard has put some conditions before they accept cryptocurrencies. The cryptos must be issued by central banks. While being interviewed by the financial times, Ari Sarkar, MasterCard’s co-president, Asia-Pacific business, was quoted saying that MasterCard is excited to offer cryptocurrency related services but only when the central banks are in control. “So long as it’s backed by a regulator and the value . . . it is not anonymous, it is meeting all the regulatory requirements, I think that would be of greater interest for us to explore.” Said Sarkar. While banks see cryptocurrencies as a threat, MasterCard accepting cryptocurrencies seems to be a dream that is slowly becoming a reality. They have started making strides towards the cryptocurrency space. They have initiated a test program in Singapore and Japan where MasterCard cardholders are allowed to “cash out Bitcoin on to a MasterCard” but with strict laws on money laundering. “We are not operating trading of bitcoin through the MasterCard network, [The pilot] is a toe in the water, we’re fully cognisant of the reputational risk” noted Ari. Do you think MasterCard is slowly but cautiously approaching cryptocurrencies? Let us know in the comments section below. For more information about our news blog please visit us here: Altcoins news, litecoin cash, Bitcoin News.