Mastercard President Michael Miebach has opined that his company’s massive acquisition of crypto patents will become beneficial once the central bank digital currencies arrive. He said the intellectual property the payment giant has acquired would help put the company in a good position, as the world anticipates the rise of CBDCs in the financial sector. Miebach said a CBDC requires a link for an acceptance network or framework, and the global payment firm is well-positioned to provide such a link.
Mastercard is the “leading payments player” for crypto IP.
Mastercard has intellectual property on some crypto assets and products that link crypto-based transactions right into its network where they can be used. According to Miebach, the payment firm brings value through this means. Mastercard president claimed that the payment processor giant is the “leading payments player” for crypto IP. Although his claim may be right for now, a tougher challenger is coming up to take off that position from the company. China-based trade ecommerce giant Alibaba is gearing up to become the highest holder of blockchain patents before the end of the year, with many deals currently taking place.
Mastercard has been approaching the world governments with its plans to launch a CBDC.
The global payment giant Mastercard has been approaching governments worldwide with its plans to launch a CBDC. The firm has already launched a sandbox for the central bank-backed digital currency testing. This shows the payment giant’s seriousness to partake fully once digital currencies become widely accepted. CBDC is a digital version of cash that will be used for peer-to-peer payments in a region. Apart from building the solution, the private sector also wants to control it. Several from the crypto community have questioned the nature of CBDCs as they would be centralized and controlled by a single party.