On November 8, 2021, Mastercard made an important announcement regarding their payment systems in the Asia-Pacific region. Because of the company’s partnerships with Amber Group, Coinjar, and Bitkub, anyone in the region will now be able to apply for a crypto-linked Mastercard. This will allow users to instantly convert their cryptocurrency into fiat dollars which they can spend wherever you can use a normal card.
This doesn’t mean that people will be paying for their purchases in Bitcoin (BTC) or other coins, but instead Mastercard does an instant transfer from crypto to fiat. This allows for buyers to use the card at any merchant that accepts normal cards, which gives lots of purchasing power to crypto holders in the region.
This is a smart move by Mastercard, they realize that as cryptocurrency only continues to grow in popularity, they have the ability to be at the forefront of the adoption in this region. Singapore is the head of the adoption in this region, hosting over 600 global cryptocurrency companies. The Asia-Pacific region is one of the leading regions in the world when it comes to crypto, with governments integrating it into their payment systems and the daily lives of their citizens.
Vietnam is one of the leading countries in cryptocurrency adoption, even though the State Bank of Vietnam does not legally recognize it within the country. Because of a past history of instability within the Vietnamese economy, and more specifically with their national currency, the Dong, many citizens are switching over to holding their money in crypto, and making purchases with it. Vietnam is also home to the game, Axie Infinity, which is a popular NFT video game developed by publisher Sky Mavis. The altcoin for the game (AXS), has seen gains of 26,000% in the last 10 months, making it some of the highest in the entire cryptocurrency market. With gains like this, the Vietnamese government should start seriously considering the financial opportunities that are available to the country through the blockchain.
The Asia-Pacific region is rapidly accepting crypto technology and countries are using it to develop their infrastructure and make payments easier. With constantly updating blockchain technology and increasing media awareness of crypto, these countries are setting themselves up well for the future. If the current rate of adoption continues, this region may soon become the leader of innovation in the multi-trillion dollar industry.