By Richard Hines
Micheal Miebach, CEO of Mastercard, predicts that it will be a long time before cryptocurrency is accepted globally and becomes commonplace.
He does, however, mention that these cryptocurrency assets will become very valuable to individuals and investors once appropriate and reasonable regulations are put in place.
Crypto is Here To Stay, But Might Take A Long While To Materialize
Micheal discussed the increased number of people who are turning to crypto and the number of people who are investing massively or in their own way in an interview.
The payment services in place enable activities to be completed quickly, efficiently, and securely.
He envisions a world in which Bitcoin is used in daily and international transactions for payment, purchase, installments, and a variety of other purposes. However, he does not anticipate this happening anytime soon. According to an excerpt from his speech, he sees cryptocurrency becoming mainstream in a long time, not right now.
Miebach addressed factors that could impede mainstream growth right now. He mentioned the lack of regulations on these assets, which he believes is one of the reasons for slow adoption. Many people, he believes, are unaware of how to enter space, operate in space, profit from space, trade in space, and also how to protect their funds and minimize investment risk.
He used Non Fungible Tokens (NFTs) to bolster this point, and he began by saying that purchasing such products is a cumbersome experience. And in order to provide a positive user experience and make operations easier, Mastercard struck a new partnership.
Mastercard’s Partnership
Mastercard collaborated with Coinbase to make the purchase of NFTs a simple process. He believes that once these things click, it won’t be long before they become mainstream.
It partnered with Nexo to launch Europe’s first crypto card. This was done to allow clients to spend money without having to trade with one another.
It went one step further in August, partnering with Binance to launch a prepaid crypto payment card for customers in Argentina. This feature enables them to pay bills and settle debts by using cryptocurrencies in any store that accepts Mastercard.
Another recently added feature was developed further. This feature enables banks to detect and respond to crypto currency fraud. This feature, labelled “Crypto Secure,” employs artificial intelligence-powered algorithms to scrutinize and detect criminal activity. This is why financial institutions need this feature to help them manage and detect crypto crimes.