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“Get Out” star Lil Rel Howery is a Boston Celtics fan … but he says there’s a silver lining to the team losing a couple games, and he’s telling TMZ Sports his glass-half-empty theory. If you’re asking why Lil Rel is a Celtics fan in the first…
Britain is winding down from the royal event of the year , but the newly minted Duke and Duchess of Sussex won’t be slipping away for a honeymoon just yet: They plan to commence royal duties at Buckingham Palace on Tuesday with an appearance at a garden party in honor of…
An 18-foot-tall statue of Karl Marx is set to be on unveiled in his hometown of Trier, Germany. The gift from the Chinese government has stirred controversy.
WSJ.com: What’s News Europe
The New York Times isn’t overstating things with one of its Friday headlines: “Rachel Weisz Has a Big Surprise.” The 48-year-old actress tells the paper she and husband Daniel Craig, 50, are expecting their first child together, a revelation made when Weisz pulled up her sweater to show Maureen Dowd…
Spurs legend Sean Elliott is shutting down the reports on Kawhi Leonard wanting out of San Antonio — saying Gregg Popovich and his franchise player being at odds is straight nonsense. FYI, Kawhi’s been out for…
President Trump is busily tweeting how “very happy” he is with his legal team in the wake of the departure of top lawyer John Dowd, reports the Washington Post . “Many lawyers and top law firms want to represent me in the Russia case…don’t believe the Fake News narrative that…
When you are an entrenched player deep within a certain system, especially one as complex and inflexible as the banking industry, it can be hard to implement changes, even when there is a critical need to adapt to emerging technologies. If a company wants to appear as if it is keeping up with the times, it can simply announce that it is piloting the new technology. Such appears to be the case with Mastercard and cryptocurrency transactions right now.
Master Govcoin Card
Credit cards giant Mastercard (NYSE: MA) is said to be keeping its options open on adopting the use of cryptocurrencies, under a just few caveats. The company reportedly wants to facilitate only fully-regulated, central bank-issued, non-anonymous coins. While such instruments are arguably not cryptocurrencies at all by definition, they also do not exist yet.
Although some central bankers have floated the idea of issuing their own digital currencies, either to help create a “cashless society” or to try and combat the popularity of bitcoin among young people, the plans have never gotten off the drawing board, assuming they weren’t just all talk to begin with. The closest attempt at implementation right now is the Marshall Islands’ Sovereign govcoin which is promised to come out later this year. And as the Russian Ministry of Finance recently informed President Vladimir Putin, the creation of a centrally-controlled decentralized coin is probably technically impossible.
“If governments look to create national digital currency we’d be very happy to look at those in a more favourable way,” Ari Sarker, co-president of Mastercard’s Asia-Pacific business, told the Financial Times. “So long as it’s backed by a regulator and the value . . . it is not anonymous, it is meeting all the regulatory requirements, I think that would be of greater interest for us to explore.”
Just a Toe in the Bitcoin Ocean
The company’s senior executive also said that Mastercard is running a cryptocurrency pilot program in Singapore and Japan, allowing some clients to “cash out” of bitcoin onto a card. However, this test is not “of scale” yet and the company has no exposure to bitcoin’s price.
“We are not operating trading of bitcoin through the MasterCard network,” Mr Sarker said. “The pilot is a toe in the water, we’re fully cognisant of the reputational risk.” There were strict KYC/AML (know your customer and anti-money laundering) controls, he added.
When should we expect to see national central banks actually issuing cryptocurrencies that Mastercard can use? Share your thoughts in the comments section below!
Images courtesy of Shutterstock.
The post Mastercard “Very Happy” to Use Cryptocurrencies, Just Not Real Ones appeared first on Bitcoin News.
McDonald’s is taking cheeseburgers and chocolate milk off its Happy Meal menu in an effort to cut down on the calories, sodium, saturated fat and sugar that children consume at its restaurants.
Customers can still ask specifically for cheeseburgers or chocolate milk with the kids meal, but the…
Someone is upset about the Taraji P. Henson-starring Proud Mary , which opened in theaters Friday. (Well, someone besides 72% of critics and 44% of audience members .) John Fogerty took to Twitter on Thursday night to complain about the title of his 1968 Creedence Clearwater Revival song being used for…