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Mastercard plans to support growing digital currency fervour, posts net profit of $1.8 billion

credit card, mastercard

Mastercard Inc. plans to support the development of central bank-backed crypto currencies (CBDCs) and crypto-currencies by creating rails that can run digital currencies and fiat currencies in parallel. It posted net profit at $1.8 billion in Q4FY20, down by 15% YoY from $2.1 billion in Q4FY19, on the back of a large drop in fee income from cross-border payments, according to its financial statements for the fourth quarter of the previous year. "Our level of support will vary based on regulations in a given market. We will continue to be guided by published principles on security, compliance and consumer protection and the value to our stakeholders in determining our involvement in a specific initiative. There is certainly a lot going on and significant opportunity ahead," said Micahel Miebach, chief executive officer, Mastercard during an earnings call. The card network has…

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