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Friday, June 14, 2024

Linking the fiat account and crypto currency: Mastercard for the win.

fiat account and crypto currency

With the kind of ups and downs that are being faced by crypto currency in the past, any sort of change would be welcomed by the users of crypto currency. Moreover, those changes which could add to the convenience of the users are always welcomed in the market. Moreover, the market of crypto currency still has space to add features which can transform the lives of those interested in staying in this field for a longer period of time. The different parts of the crypto currency industry are always trying to be innovative to fulfill the various requirements of its customers.

One such development has been made by Mastercard; Mastercard has just won a patent that allows the linking of crypto currency and fiat account. Moreover, Mastercard has also obtained the rights to manage partially, the functions with regards to the funds of blockchain. Because of this arrangement, now crypto currency can be managed through the credit cards. Moreover, Mastercard can now lead to the storage of both crypto currency and the money in the form of fiat. That is to say that the reserves from both the accounts will be managed by the banks.

Mastercard has also clarified its incentive for winning this patent. Mastercard believes that the reason people are increasingly going for crypto currency is because of its feature of anonymity which is not the case with the traditional currencies. It is for this reason that people are inclined towards crypto currency. Even though crypto currency is facing flak worldwide because of this feature, disregarding the popular opinion of the experts, many users are only interested in crypto currency simply because it promises anonymity. This definitely makes us wonder about the nature and the incentives of the users and has also led to crypto currency being banned in several countries. However, this remains the strongest, but more importantly, a popular feature of crypto currency.

Mastercard has gone on to say that while there are no hindrances as far as the transfer of fiat currencies is concerned, in the financial transactions, the same thing cannot be said about the transfer of crypto currency. There is lack of smoothness as far as dealing with crypto currency is concerned that leads to a lot of hassles for the users of crypto currency which are expected to be avoided through this move. Mastercard has also brought to attention that there is a lot that separates crypto currency from traditional currency. Too often, it is this that irks people and prevents them from entering crypto currency. About this, Mastercard states that bringing the system together can lead to the reduction in the difference in image between the two systems and also the benefits of anonymity be maintained as well as, there is an increased convenience for the users.

So far so good, however, several eyebrows have been raised as to the incentive clarity of Mastercard. There is a long way to go and it is yet to be determined how this new venture turns out.

Martha Hanson

Martha Hanson has over 5 years of experience in finance industry as a news writer. She has graduate degree in economics along with social communication. She has been working with EdgeCoinNews team in the news and analysis section. She has strong analytical skills for crypto trading, for both buy and sell side.

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