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Mastercard Outlines Plans for Cryptocurrency Adoption

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“It is (obviously) a vibrant space around digital currencies – this is a relevant technology. As a multi-rail player, we got to be in this space because people are looking for answers.”

– Mastercard CEO Michael Miebach.

Michael Miebach, the CEO of payments giant Mastercard, has outlined the company plan to develop products and services around cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs).

“We are making it easier for cryptocurrency wallets to connect seamlessly to our network through a pilot with Paxos, Circle, and Evolve Bank & Trust, which simplifies the conversion of crypto into fiat.”

– Mastercard CEO Michael Miebach.

As for stablecoins, the CEO said that Mastercard is engaging with private sector players and regulators on what good policies look like surrounding private sector stablecoins – this is because the question about regulatory compliance remains largely unresolved.

“Everybody has different motivations ranging from financial inclusion to cross-border payments, and hence, we are a sought-after party because we have experience in all of that.”

– Mastercard CEO Michael Miebach.

Regarding central bank digital currencies, he noted that a growing number of central banks are exploring CBDCs, including the European Central Bank and the Bank of England.

“We want to be playing a role across all of them – this is a relevant technology. As a multi-rail player, we got to be in this space because people are looking for answers.”

– Mastercard CEO Michael Miebach.

Ultimately, Mastercard has plans to tackle three key areas in the cryptocurrency space to accelerate mainstream adoption.

What do you think about the payment giant’s plans for the future of cryptocurrency – and does Mastercard have a clear role to play going forward?

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