Mastercard CEO Bats for Crypto Laws, Says Long Way to Go for Crypto to Become Mainstream

Mastercard's CEO is a Bitcoin supporter and aims to speed things up to the time where BTC is used as a regular payment option.

Written by Radhika Parashar, Edited by David Delima | Updated: 8 November 2022 17:41 IST

Mastercard CEO Bats for Crypto Laws, Says Long Way to Go for Crypto to Become Mainstream

Photo Credit: Pixabay/ Alina Kuptsova

Mastercard is helping banks and fintech firms offer crypto trading services

Highlights

Mastercard CEO highlights the need for crypto rules
The firm is working toward establishing itself in the crypto circle
Mastercard CFO however, believes that crypto is too volatile

Mastercard Michael Miebach has predicted that widespread adoption of cryptocurrencies is a long way away from becoming a reality. While maintaining an optimistic attitude towards the asset class gaining more popularity in the future, Miebach said that the formulation of apt laws is needed as soon as possible. The Mastercard chief executive is a Bitcoin supporter and aims to speed things up to the time where BTC is used as a regular payment option.

In a recent interview with Yahoo Finance, Miebach claimed that an increasing number of investors are showing enthusiasm to experiment with crypto assets.

“I think these things need to click in, and then you have the building blocks for it to become mainstream. I think it's a long way to go before crypto becomes mainstream,” the Mastercard honcho was quoted as saying.

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Founded in November 1966, Mastercard today provides financial services to millions of people worldwide.

Keeping up with the newer generation of customers, the card services provider is now expanding into the crypto sector.

Last month, Mastercard teamed up with blockchain infrastructure platform Paxos on a programme designed to help banks and fintech companies offer their customers crypto trading services.

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In addition, the company has launched a new tool called ‘Crypto Secure' that is intended to help banks and financial institutions detect as well as prevent fraudulent activities associated with virtual digital assets.

Meanwhile, Mastercard CFO Sachin Mehra does not concur with his colleague. Mehra believes that cryptocurrencies are too volatile in nature to be a dependable payment instrument.

“If something fluctuates in value every day, such that your Starbucks coffee today costs you $3 (roughly Rs. 240) and tomorrow it's going to cost you $9 (roughly Rs. 715), and the day after it's going to cost you a dollar, that's a problem from a consumer-mindset standpoint,” the CFO was quoted as saying in an interview in August.

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Further reading: Cryptocurrency, Mastercard, Bitcoin

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More