In an interview with Brian Sozzi, the editor-at-large and anchor for Yahoo Finance Live, Mastercard’s Chief Executive Officer Michael Miebach said it will take a long while for the massive adoption of digital currencies like Bitcoin (BTC). According to Miebach, comprehensive rules on the industry amongst many other elements, still, need to be in place for mass adoption to occur.
When asked if a day will come when everyone can pay in digital currencies, he responded saying it is entirely possible. However, “I think there’s a long way to go before crypto becomes mainstream,” Mastercard CEO Miebach said.
He listed regulations, simplicity, and ease of usage as some of the limiting factors of crypto mass adoption.
Many people are ignorant and unaware of how to enter the ecosystem as well as how to ensure maximum protection of their holdings. This is crucial, especially in the midst of the present highly volatile market which has left the value of many digital currencies below their all-time high.
Miebach is optimistic that once crypto industry regulation is synchronised by the appropriate authorities, the asset class will become more attractive to people.
Miebach stated “I think this question on regulatory compliance, on scalable technology, on making sure it’s a predictable user experience – why is buying an NFT such a clunky experience? It shouldn’t be.”
Mastercard Offers Crypto Industry Security
Speaking of Non-fungible tokens (NFTs) and the drudgery involved in their purchase, the payment giant and card issuers partnered with cryptocurrency exchange Coinbase in January to make NFT purchases easier. There is a high influx of investors in the crypto industry although some are still mulling over the idea. Mastercard tries to ensure that such investors do so easily and safely.
So far, Mastercard has been a major contributor to the crypto industry, providing certain tools and services to ensure safety and risk mitigation for users.
Recently, the payment giant launched a program that permits financial institutions to offer secure crypto trading services to their clients. The program is called Crypto Source. Mastercard also introduced Crypto Secure.
This is another tool that detects crypto fraud. Before that was CipherTrace to decipher fraudulent crypto transactions.