Mastercard CEO: we must be present in the crypto space

Mastercard intends to remain at the forefront of developments in the digital-asset space, including CBDCs and stablecoins. This was stated by Mastercard CEO Michael Maubach, according to American Banker.

During the second-quarter earnings conference call, the head of the company outlined its policy in light of recent developments in the cryptocurrency and CBDC space.

“We believe we are opening the market to the prospect of a multi-rail payments provider. We must be in this space because people are looking for answers,” he said.

Maubach noted the company’s virtual sandbox for testing CBDCs. The project allows central banks to model the issuance, distribution and settlement of digital currencies across multiple parties.

“All of these countries must find a balance between existing financial products and what CBDCs solve, whether it is financial inclusion or cross-border payments. We have experience in all of this,” he noted.

He added that the payments network is preparing to work with stablecoins. The condition for supporting them, Maubach said, is that asset issuers comply with regulatory requirements, consumer-protection standards and security.

The head of Mastercard also mentioned that the company for the first time included seven blockchain and crypto projects in its accelerator program for startups.

In February Mastercard announced plans to implement direct support for digital assets as early as this year. The company’s executive chair Anne Cairns called Bitcoin unsuitable for payments.

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