- MasterCard is ready to play a huge role in the integration of digital currencies
- The firm currently holds the highest number of crypto-based patents in the world
Michael Miebach —President of MasterCard— has said that the acquisition of crypto patents by the company would count in its favor when the Central Bank Digital Currency (CBDC) projects are in full force.
He believes that the digital currencies being championed by these central banks would be very beneficial to his company’s work in the industry. He said that the acquisition of crypto patents would help position his company as a force to reckon with when the digital currencies come to use.
The MasterCard President said that when the CBDC projects come into play, there would be a need for a platform that would act as the acceptance network. He went on to note that his company has positioned itself to be able to provide such an acceptance network when the need arises.
He went on to highlight that the financial company has become the leading player when it comes to crypto IP. MasterCard currently possesses the patents to networks that can link crypto transactions into their network directly.
The President went on to say that the company would be able to provide value to the industry through this means.
Alibaba is also currently ramping up its efforts when it comes to the acquisition of crypto patents. The company has the goal of acquiring the highest number of crypto-based patents before the end of the year.
MasterCard already approaching governments
MasterCard has begun approaching governments with the intention of launching a CBDC project.
The firm has developed a sandbox that these central banks can use to test their digital currencies.
With the knowledge of this, MasterCard appears prepared to walk the talk of being a major player when countries launch their digital currencies.
Different countries like China, Japan, Bahamas have begun working on a digital currency that will complement their physical currency. These countries have reiterated that these new currency would not be replacing their old physical cash, instead, it would play only a complementary role in their economy.