For anybody not a secret that banks have a very negative attitude towards cryptocurrencies, and this is considered quite reasonable. Economics of cryptocurrency is a direct threat to the financial system posed by banks and other centralized financial institution. Therefore, when the Executive Director of MasterCard said that they are willing to work with cryptocurrencies, many were surprised. However, there are some limitations.
Despite the fact that MasterCard is not a fan of the cryptocurrency, the company still spends a lot of time and effort to introduce the technology of the blockchain. It became apparent after MasterCard and Visa have classified the cryptocurrency as a cash advance.
«We have a serious explanatory work among consumers and retailers regarding our position the use of transactional or commercial category purchase cryptocurrency. These instructions will be useful both for traders and issuers».
It seems that the financial giant wants to show that his attitude towards cryptocurrencies has changed, although in reality it is not so. In an interview for the Financial Times, the Executive Director of the Mastercard Sarker Ari (Ari Sarker) said that the company will be happy to consider the use of cryptocurrencies, but not before virtual currencies are issued by Central banks.
«If the government will create a national cryptocurrency, we will be happy to provide them on favorable terms. As soon as crypto currencies will be supported by the regulators and liquidity is going to meet all regulatory requirements. In this case it would be of greatest interest to us,» said Ari Sarker.
Currently, the company conducts a pilot program in Japan and Singapore. Clients can withdraw funds from bitcoin and other cryptocurrencies with their cards. However, this program is not designed for cryptocurrency trading. In addition, in the program there are strict rules and controls, such as KYC and anti-money laundering.
In such statements from MasterCard is not surprising, since banks want to get their share of the huge turnover of the cryptocurrency sector, but want to maintain control. Hence the desire to support crypto-currencies issued by Central banks.