This executive of Mastercard Told That if every day there is some fluctuation in price, like your Starbucks coffee today costs $3 (approximately Rs.240) and you will get it for $9 (approximately Rs.715) and the next day you will have to pay a dollar. If so, there is a problem from the consumer point of view.
Mehra’s statement comes after some US senators proposed to bring exemption in crypto taxes. The new bill proposes a tax exemption for personal crypto transactions up to $50 (approximately Rs 4,000). The bill, named ‘Virtual Currency Tax Fairness Act’, aims to ease the use of cryptocurrencies as a day-to-day payment mode. According to Mehra, CBDCs and stablecoins are better for day-to-day payments.
A Deloitte survey in June, as CBDC processes continue in several countries, said more than 75 percent of retailers in the US are interested in adopting stablecoins as a legitimate payment option for dollars and cards. Deloitte selected more than 2,000 senior members of retail organizations for the survey.
In May, Mastercard executive Harold Boss said that cryptocurrencies need to be closely integrated into the global economic structure. Currently, Mastercard, one of the top global payment service providers, is accelerating initiatives related to Web3. In June, Mastercard signed up with seven new partners. These include The Sandbox as well as Immutable X, Candy Digital, Mintable, Spring, Nifty Gateway and Moonpay. Mastercard is already working with Coinbase to support cash payments on the recently launched NFT platform.