MasterCard aims to unlock the full potential of Blockchain technology

Written by Marcos Sotero, Analyst In the digital asset broker listed on the stock exchange GlobalBlock (TSXV: BLOK).

While Bitcoin has been lacking in volatility so far this week, staying at around $21,300, institutional interest is ‘huge’ according to BitStamp. In an interview published on Monday, Bitstamp Global CEO Jean-Baptiste Graftio said, “Many institutional companies are looking to take the first step in crypto,” referring to their institutional clients.

The CEO also commented on regulation, claiming that “most regions and countries are looking at regulating cryptocurrencies. The main risk here is ensuring that regulation is smart and that it promotes a level playing field.”

He pointed out that an encryption service provider wishing to do business in Europe must register with each country separately as a file Virtual Asset Service Provider (VASP)And each country has its own requirements.

However, the introduction of MiCA of the European Commission (Markets in Crypto Assets), which will come into effect within the next two years, will mean that there will be one country where you can establish your activities as MiCA compliant, and then carry out those activities across other European countries. This will help provide a comprehensive framework for the cryptocurrency industry in Europe.

Mastercard is working on how it can be part of the cryptocurrency race to global mass adoption, as it has partnered with Binance to launch a prepaid crypto card in Argentina. The CEO of Mastercard says this will allow people to spend cryptocurrency at more than 90,000,000 stores. When using this card, the cryptocurrency will be converted into fiat currency in real time at the point of purchase, and cardholders will earn 8% cashback on all eligible purchases.

MasterCard’s plan to integrate cryptocurrencies may be a magnet for rivals such as Visa, which may follow in MasterCard’s footsteps, in order to lead the payments industry in this sector.

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