A Long Way to Go Before Crypto Is Mainstream, Says Mastercard CEO in Opposition to Crypto Laws

Kutl Ahmedia

Mastercard According to Michael Miebach, the widespread use of cryptocurrencies is a long way off from happening. Miebach stated that the creation of relevant rules is required as quickly as feasible while remaining upbeat about the asset class's future rise in popularity. The CEO of Mastercard supports Bitcoin and wants to hasten the day when BTC is used as a standard form of payment.

Miebach asserted that more investors are expressing interest in experimenting with crypto assets in a recent interview with Yahoo Finance.

"I believe that these ideas must sink in before you have the foundation for it to become mainstream. I don't think cryptocurrency will become widely used anytime soon," the head of Mastercard was reported as saying.

Millions of people throughout the world receive financial services from Mastercard, which was established in November 1966.

The provider of card services is now entering the cryptocurrency market in order to keep up with the younger generation of clients.

Earlier this month, Mastercard and Paxos, a blockchain infrastructure platform, collaborated on a program to enable banks and fintech firms to provide cryptocurrency trading services to their consumers.

A new tool dubbed "Crypto Secure" has also been introduced by the company to assist banks and other financial institutions in identifying and preventing fraudulent actions related to virtual digital assets.

Sachin Mehra, chief financial officer at Mastercard, disagrees with his colleague. According to Mehra, cryptocurrencies are too erratic to be trusted as a form of payment.

The CFO was quoted as saying in an interview in August: "If something fluctuates in value every day, such that your Starbucks coffee today costs you $3 (roughly Rs. 240), 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."

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