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MasterCard will hire 500 college graduates to expand cryptocurrency consulting

MasterCard will hire 500 college graduates to expand cryptocurrency consulting

Currently, the consulting department employs 2,000 people, serving clients from 70 countries worldwide. By hiring another 500 employees, the company will be able to increase its cryptocurrency services.

According to Business Wire, MasterCard already provides services in training, risk assessment, strategy development, and promotion of digital assets. The new influx of experts will allow the company to expand this area and expand its reach to potential customers. 

The company has already entered into a number of partnership agreements with crypto companies on its way to implementing this plan. In addition, MasterCard is actively working with central banks around the world to help study and deploy the central bank's digital currency (CBDC). 


Central bank digital currencies (CBDC)

CBDCs are a product of central banks, using which they try to compete with all cryptocurrencies. They almost completely copy the characteristics of cryptocurrencies, except for a few peculiarities. First, instead of decentralization, they offer centralization, i. e., only one organization can issue coins. The second thing is that there is no possibility to mine or perform DeFi in order to passively obtain new digital coins. Thirdly, CBDC is controlled by the state, and as a consequence, it can control transfers by imposing sanctions against countries, organizations or certain people. Moreover, there is no anonymity. 

Among major countries, the People's Bank of China is the most progressive in issuing such a currency. The secret development started back in 2014, but the world only found out about it in 2019. Today, testing of the central bank's digital currency, called DCEP, is in its final stages. 

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