This is a service that will assist in ensuring that transactions between people using digital wallets are traceable and follow the rules. Mastercard partnered with companies such as Polygon, Aptos Labs, Ava Labs, and Solana to develop this new service.
One of the important things about this service is that it will help people to send digital money across borders between countries having different regulations on digital money. Mastercard wants to make sure that people can follow the rules and still send money to each other globally.
To do this, Mastercard is drafting a new set of rules and developing a mechanism to do this which are termed "standards." They are like a set of instructions that everyone will follow when they use this new service. The standards aim to ensure the trust and safety of transactions.
One thing to keep in mind is that there are different types of digital money, for example, Bitcoin and Ethereum, that could be used to buy commodities. There are NFTs, which are like digital art or collectibles. Each of these currencies might need different rules or standards to make sure they are safe and legal. As per the reports Mastercard is considering all aspects of global regulations on digital assets to develop streamlined services for its users.
Mastercard is also working with some other companies that make digital wallets. These are like little programs that people use to store their digital money. By working together, these companies can make sure that the new service works well with these wallets.
Although the service is still in its infancy, Mastercard and its partners are dedicatedly working to ensure its success. It will ensure traceable and compliant transactions between digital wallets. The service will facilitate cross-border transfers of digital assets and will be developed using new standards and infrastructure. Mastercard is partnering with digital wallet companies to ensure compatibility, and the service will benefit consumers, businesses, and governments.