International payment system Mastercard has filed a new patent application describing a method of use of the banking system fractional reserve for cryptocurrency.
Application published Office for patents and trademarks (USPTO) the United States. According to the document, Mastercard plans to create a system that will allow merchants to interact with the “blockchain currencies” by a new method of parallel storage of cryptocurrency and Fiat. As a reference the developers of the company use the principle of fractional reserve banking, in which part of the Deposit is stored in the form of cash or other assets available for withdrawal at any time.
In the application, the company says that this principle is suitable for safe storage of tools, information merchants, and consumer protection.
“The combination of traditional technologies of payment systems and the blockchain currency takes advantage of decentralized platforms and simultaneously maintains the proper level of security information about your accounts and protection against fraud”, — the document says.
It is noteworthy that the fractional reserve banking already has a blockchain-analogue is stabilini. Their main problem is the lack of guarantees that the lender really has the funds corresponding to the amounts of customer deposits. Thus, the project Tether often accused of accounts lack the cash reserves necessary to ensure all tokens USDT a dollar at a ratio of 1:1. The company has not confirmed its worth comprehensive audit report.
It is worth noting that in recent times Mastercard demonstrates an ambiguous attitude towards the cryptocurrency sphere. On the one hand, the payment giant is actively exploring the blockchain — just two weeks ago, the company received a patent for a multi-currency blockchain system. On the other hand, a few days later, Mastercard and Visa called crypto-currencies is too risky.