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Mastercard announces that the selection process has already started and that it intends to evaluate the currencies with regard to consumer privacy and protection, seeking that they have the same level of security as expected from credit cards.
In addition, the company intends for cyber currencies to implement measures to ‘Know the Customer’, that is, identity checks already applied in the financial services sector. On the other hand, it will be necessary for virtual currencies to respect the local laws and regulations of the markets in which they operate
Currently, Mastercard already allows converting digital currency into traditional currencies through partners such as Wirex or BitPay, in addition to holding 89 blockchain-related patents and being in process for another 285 registrations.