OKX fled the Nigerian market after a government clampdown on foreign exchanges in 2024. However, we are left to think that Mastercard will use this opportunity to open up stablecoin – enabled payment option to Nigerian crypto startups. On April, Mastercard the payment giant , patnered with OKX, The Seychelles based crypto exchange to launch OKX Cards. The card will allow users to spend crypto on everyday purchases like it is their regular paper money.
This move came after mastercard patnered with Metamask and Baanx to introduce crypto payments. Mastercard leading the stablecoin payments means the rise of crypto exchangers are on the way. Even Master card competitor VISA has never hidden its admiration for crypto and stable coin payments. This is hard for the apex banks, cryptos are widely adopted but it is out of their control, they want to do their job of maintaining monetary stability and economic stability. Crypto payments undermine this role!
Here is its mode of operation: When you shop online with your crypto-enabled OKX Card (issued by Mastercard) if the item is priced in USD, you can pay with crypto from your card , and payment processor like Circle aggregates the payments from crypto to fiat money- using real time price of the stablecoin to USD.
This will improve online transactions no doubt but the apex bankers need to focus on regulation of stablecoins and also focus on algorithms to trace payments using blockchain technologies because crypto use is spreading like wild fire they might burn out trying to control it. Read also Italy’s Central bank is freaking out!!
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