Michael Miebach of Mastercard reveals his plans for the development of mainstream products based on virtual currencies and stablecoins as well as for CBDCs. He believes that Mastercard is in the best position for putting on multiple hats at a time and is tailor-made to explore the virtual industry.
The CEO of Mastercard, Michael Miebach, has revealed his desire for his company to play an exclusive role in 3 major areas of crypto. He has disclosed his plans for how he wants Mastercard to pursue the objective of becoming a one-window crypto platform. He explained that his company does not want to stick to Bitcoin’s adoption only. Instead, he wants Mastercard to wear three hats i.e. focus on virtual currencies, CBDCs and develop crypto and stablecoins based products.
Miebach commented that his company’s operating system is tailor-made to facilitate the three major areas of virtual industry. He said that there are open spaces surrounding the digital industry and that these spaces can be filled by Mastercard. This is essential because crypto users need answers and they have no one who can respond to their genuine questions.
With regard to virtual currencies, Miebach pointed out that Mastercard is efficiently working towards making digital wallets accessible seamlessly with Mastercard’s network. For ensuring seamless access, Mastercard has already taken on board experts such as Evolve Bank & Trust, Circle, Paxos, etc. Each of them is fully equipped and capable of easing up the process of converting virtual assets into normal cash. He further apprised that Mastercard has also become partners with a reputable software developer namely Consensys which had developed Ethereum’s software.
On the investment of crypto, Miebach commented that there is an influx of interested people who wants to invest in virtual currencies. However, the purpose of their investment is for a long-term basis and they do not wish to dispose of their assets before time. He opined that Mastercard wants to serve these investors who wish to invest in crypto on a long-term basis.
Miebach then discussed stablecoins and told that Mastercard is presently holding talks with the private sector. Subsequently, the company is also in contact with the respective regulators. He suggested that for integrating stablecoins, Mastercard would need to make sure that the regulator and stablecoins’ issuers are taken on board. Because there is an apparent ambiguity pertaining to regulation which cannot be overlooked in any circumstances, opined Miebach.
He then further disclosed his company’s wish to integrate central bank digital currencies (CBDCs). He suggested that there is no logic when Mastercard will be integrating crypto and stablecoins and ignore CBDCs. According to him, there is huge potential for CBDCs and therefore Mastercard should pre-determine its future strategies for CBDCs.
Miebach is confident that Mastercard is fully capable of pulling out all three jobs without any difficulty at all.