MasterCard unfriendly towards Digital Currencies Anonymity
Mastercard has started a campaign against Bitcoin; it is asking for more transparency and greater regulation over digital currencies in Australia. The Company has used a submission to a Senate inquiry to argue for Australian regulators to move against the pseudonymity of digital currencies such as Bitcoin. The company’s states: All Bitcoin transactions are visible on the block chain, which acts as a distributed ledger for the crypto-currency. However, Bitcoin wallets, which are used to store, send and receive bitcoins, can be easily generated and are not always easily linked to real world....
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Do you hear that? The ringing bells? See the flashing lights? Feel the Earth shake just a little? Is your "Spidey Sense" tingling? If your name were Mastercard, the answer would be "Oh, hell yeah!", because they are in the path of a train that is barreling down upon them. That train is Bitcoin, and the track this week is located in the Australian Senate, where Mastercard made a plea derail this train before it's too late (for Mastercard). Mastercard Attacks Bitcoin. MasterCard has used a submission to a Senate inquiry to argue for Australian regulators to move against the pseudonymity of....
So a couple of days ago, I wrote a piece suggesting that MasterCard was up in arms against bitcoin and other digital currencies, with the crux of the piece based upon the fact that the company had submitted a report to the Senate suggesting that Australian regulators should be careful with digital currency adoption. The report focused in on the fact that bitcoin transactions are anonymous, and to pull a quote directly from the submission, MasterCard stated that: Contrary to transactions made with a MasterCard product, the anonymity of digital currency transactions enables any party to....
MasterCard has become the latest company to fall foul of the bitcoin community, as reports that the credit card payments processing giant used a submission to the Senate enquiry to put forward the point that Australian regulators should move against digital currency adoption. With seeing Western Union trip over in the last few days - a trip that has riled the digital community as a whole, and it looks as though MasterCard is set for a similar fate over the coming few days. Here are a few select snippets from the submission, which you can read here if you want to find out more. Any....
The risks presented by digital currencies far outweigh the benefits, MasterCard has claimed. The global payment processor made these comments in its submission to the UK Treasury's call for information on digital currencies last November. According to the four-page submission, obtained by CoinDesk via a freedom of information request, MasterCard doesn't believe digital currency has many, if any, strong benefits. It attacks claims of digital currency's low transaction costs, low payment processing time and strong system safety. The document reads: "We would argue that, when compared to....