Cryptocurrency is getting to be the thing now. Would you invest?
Mastercard now accepts cryptocurrencies as terms of payment. The firm has started some preparations in supporting cryptocurrencies later this year. This news was confirmed by the company’s Digital Asset and Blockchain VP, Raj Dhamodharan in a blog post.
Mastercard: The new payment system
Despite the biggest goal, many have been cautious with this coming Mastercard’s implementation. The company has to be wary and have to stick with the rules. They have to reach the security, compliance, and reliability criteria. Aside from this, merchants can be bragged by this payment system for they have also to accept cryptocurrencies as a payment.
The primary measurement to have this implemented on the mastercard’s system is its consumer protection. Essentially “the same level of security people have come to expect in their credit cards,” Dhamodharan said. In other words, cryptocurrencies need to implement stricter compliance requirements. Mastercard has to adhere to local regulations and laws in the regions they are operating. Lastly, they have to use digital assets.
Mastercard’s plan in fully embracing cryptocurrencies is a first step in allowing other platforms to do the same such as paypal.
TESLA Bought $1.5 Billion Of Bitcoin, Indicating Acceptance Of Cryptocurrency
In the Security and Exchange Commission filing disclosure, Tesla revealed that it bought worth $1.5 billion of bitcoin, the famous cryptocurrency. The company further indicates that it may soon accept bitcoin as a form of payment for its cars subject to the regulation surrounding it.
As the news broke out, the price of bitcoin immediately increased by around 7% surpassing $40,000 per coin, says Alex Wilhelm of TechCrunch.
Previously, Elon Musk, TESLA CEO, has already announced that he is supportive of bitcoin. Nevertheless, purchasing such a big amount clearly speaks louder than words. Elon Musk though said that he is already late on this act, he should have started accumulating cryptocurrency eight years ago.