Cryptocurrencies have taken several financial markets and legal sectors by surprise. The COVID-19 health crisis generated a spark that set the financial world on fire. MasterCard announced its network would be open for Bitcoin transactions by the end of 2021. MasterCard previously limited cryptocurrency transactions but has come around to the idea of digital currencies.
After MasterCard and Uber released plans to include digital currency payments, BNY Mellon stepped up to the plate. BNY Mellon and MasterCard have enough financial leverage and support to experiment with cryptocurrencies, despite widespread concern regarding the market’s stability for long-term growth.
MasterCard believes digital assets have a place in the modernized era. However, Visa doesn’t share MasterCard’s optimism for cryptocurrencies. Visa continues to hold off on accepting digital currencies within its network for the time being. With financial gurus supporting digital currencies, Bitcoin’s value exceeded impressive heights.