When will the widespread adoption of digital currencies begin? MasterCard’s CEO responds
Michael Miebach, CEO of Mastercard, thinks that widespread adoption of digital currencies and becoming a financial mainstream will take longer than expected. However, he is optimistic that once proper regulations are put in place by regulatory agencies, this asset class will become much more attractive to the public.
To Report In a recent interview with Yahoo Finance, Mastercard CEO Crypto Potito stated that a growing number of investors want to take a closer look at the cryptocurrency market. He added that the payment services giant allows them to do this as simply and more importantly securely as other competitors.
Maybach envisions a future world in which most consumers around the world use Bitcoin for their daily transactions and payments. However, he believes that this will not happen in the coming months.
Maybach said:
I think until digital currencies become mainstream [اقتصاد] There is a long way to go.
The CEO of Mastercard called the lack of comprehensive laws in this industry as one of the main reasons for the slow adoption of digital currencies. In his opinion, many people are still unaware of how to enter this field and achieve maximum protection of their assets.
Pointing to non-physical tokens (NFTs) as an example, Maybach claimed that buying such products is an unpleasant user experience. As a result, MasterCard started its cooperation with Coinbase exchange in January (D) to facilitate this process.
He says:
We partnered with Coinbase to make this (buying NFT) as easy as buying coffee. I imagine these things just need to click and then you have the building blocks to go mainstream.
MasterCard’s steps in the digital currency industry
MasterCard underscored its positive position in the industry in February by bolstering its digital currency consulting arm by employing more than 500 college graduates and young professionals.
In April, the company started working with Nexo to introduce the first digital currency card in Europe. This card allows customers to use their assets (cryptocurrencies) as collateral for spending instead of selling them.
Also, the payments giant partnered with Binance in August to provide a prepaid cryptocurrency card for Argentinian customers. This product allows customers to use digital currencies to settle their bills at any store or location that accepts MasterCard.
Crypto Secure, the company’s latest product, is designed to help banks fight cryptocurrency fraud cases. This tool uses sophisticated artificial intelligence algorithms to detect criminal activities, which is why it is especially useful for financial institutions.