In the interview with Yahoo Finance, the CEO was asked if the day will come when everyone will pay in bitcoin, and Miebach agreed that it might happen.
“It’s possible, but I think there’s still a long way to go before crypto becomes mainstream.”
There are several obstacles in the way of crypto becoming mainstream, including regulations, as well as simplicity and ease of use.
The CEO stated that “I think this question is about regulatory compliance, about scalable technology, to ensure a predictable user experience – why buy NFT that clunky experience? Of course not.”
Miebach says that,
“I think it all needs to click and then you have the building blocks to make it mainstream.”
This “most likely not” will happen in the next six months, he said, but the CEO added that he is optimistic about the fixed asset class.
As for Mastercard’s role in the future of crypto, the CEO said that there are users who want to use crypto and the company aims to provide it.
Mastercard wants to make payments in crypto as easy and safe as other payments – for users to be able to buy crypto and pay with a card, but also to reverse the payment, he said, adding:
“That’s how we’ve entered into all our partnerships with crypto exchanges.”
Furthermore, Miebach said the company has a “bundle of services” it provides in terms of regulation and regulatory compliance.
“So the exchanges, the banks, and everybody who wants to play in that space, at the end of the day, they all have a common need for security, so we’re addressing that,” Miebach said.
He also briefly touched on central bank digital currency (CBDCs) and the role of the company in the field, mentioning the partnership with the government Bahamas in Dollar Sand. This, he said, is “another corner of the crypto economy where we advise and cooperate with the government and we provide testing facilities,” he said and concluded,
“We cover the whole spectrum of the crypto economy really.”
Mastercard’s relationship with crypto has been going on for a long time. As for the latest announcements, as reportedjust a few days ago, Mastercard launched Start Path Crypto – a global engagement program to help blockchain, crypto, and digital asset startups scale, he said.
At the end of October, the crypto platform BitOasis and MasterCard partnered to launch a series of crypto card programs in the Middle East & North Africa (MENA) region.
Also in October, Mastercard introduced Crypto Source in partnership with blockchain infrastructure platform Paxos Trust Company.
You can watch the full interview here: