Michael Miebach is the Chief Executive Officer at Mastercard Inc, an American payments giant. He is the latest financial industry veteran who shares his optimism about the future for the emerging crypto ecosystem.
In a recent interview Miebach stated that he believes in emerging assets. However, there are many intricacies to be solved before the industry can become mainstream. Miebach replied that crypto could be used as payment for transactions and that he believes it can.
“Entirely possible, but I think it’s a long way to go before crypto becomes mainstream.”
He said that crypto purchase and related products, such as Non-Fungible Tokens or NFTs, will have to be made easier. Security and compliance aspects of these new protocols remain a weak part, which has created many loopholes that need to be addressed in order for the sector to become mainstream.
“I think this question on regulatory compliance, on scalable technology, on making sure it’s a predictable user experience – why is buying an NFT such a clunky experience? It shouldn’t be,” Miebach said in the interview.
Mastercard has played a key role in getting crypto products to people around the globe. Mastercard is a partner of many crypto exchanges, service providers, and other organizations that issue payment cards with co-branded designs to their customers for crypto transactions.
Notably, Miebach said Mastercard’s involvement in the crypto ecosystem is encompassing and also goes beyond direct payment and into Central Bank Digital Currencies (CBDCs). Miebach believes that although the crypto industry faces many challenges, there is a high chance they will become a major part of the financial ecosystem over the long-term.
Image source: Shutterstock