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You’ll soon be able to use cryptocurrencies with your Mastercard

The company is also working with central banks that are looking to offer their own cryptocurrencies.

mastercard on smartphone with cryptocurrency behind it
Image: KnowTechie

Cryptocurrency is gaining traction again, with a recent pump from Tesla helping bring things like Bitcoin into the spotlight. Now, Mastercard seems to be getting in the game.

Mastercard announced the news in a blog post, noting that it is working to support “select cryptocurrencies directly on [its] network.” There is no word on which cryptocurrencies Mastercard is considering, but I suspect the most-known crypto, Bitcoin, will make an appearance.

In the blog, Raj Dhamodharan, EVP of Blockchain at Mastercard, notes, “Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want. It should be your choice, it’s your money.”

One of the more interesting notes from the blog post comes farther down, with Mastercard saying it’s working with multiple central banks from around the world as they look to offer CBDCs, or central bank digital currencies.

Don’t expect Mastercard to work with just any digital currency. The post notes, “We will be very thoughtful about which assets we support based on our principles for digital currencies, which focus on consumer protections and compliance.”

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