MasterCard Inc (NYSE:MA) announced recently that it’s eager to start exploring the use of the cryptocurrencies more favorably if only the governments would back up the industry by regulating and valuing it. Ari Sarker, Senior MasterCard Executive stated that as long as the crypto meets all the regulatory requirements and it’s not anonymous, the firm is eager to survey the industry. But as long as the digital currencies remain without the government support, they are still as ‘junk’.
Since the inception of the concept of the cryptocurrency in the world, governments support has remained a topic of discussion in several countries worldwide with a few accepting the use of the virtual currencies while others totally banning the use of it from their nations. Japan is one of the leading countries in the use of the cryptocurrency. Venezuela recently launched its own crypto, Petro that has increasingly raised a cloud of controversies across the globe.
MasterCard has piloted several programs that operate the Bitcoin (BTC) particularly in Japan and Singapore that enables the users to transact cash on their MasterCard using the token. But the company is still waiting for the support of the governments.
Last year, MasterCard similarly filed several patent approvals for payment options using the Blockchain technology and cryptocurrency. The firm also launched a MasterCard Lab to use the Blockchain technology to support various services including business-to-business transactions, interbank payments, and much more.
The company is clearly receptive of the idea behind the use of the virtual currencies but the rise in the number of cybercrimes and hackers activities is making it hesitant to fully support the move onto the cryptocurrency industry. As a result, its customers have limited payment options.
Mastercard has concentrated more on developing the Blockchain technology and it’s also interested in other digital currencies such as Bitcoin. The company even classified the cryptocurrencies as a cash advance rather than the purchase although customers incur high charges when using the cryptocurrencies for transactions. If the governments particularly the US and UK accept to regulate the cryptocurrency industry the rest of the world will follow suit.