Mastercard CEO: “Regulation and Compliance Must Resolve”
According to Michael Miebach, CEO of US-based payments giant Mastercard, crypto having a bad year may mean it will take a little longer for widespread adoption of digital currencies.
As we approach the end of the year, it seems that the whole year has been quite shaky for the crypto money market, and this has hindered the widespread development of cryptocurrencies. Rising interest rates hit the stock prices of startup crypto trading platforms like Coinbase and Robinhood. At the same time, as mass layoffs continue in this space, rising interest rates have also put heavy pressure on the pure prices of digital assets from Bitcoin to Dogecoin.
“I think crypto has a long way to go before it becomes mainstream,” Mastercard CEO Michael Miebah told Yahoo Finance in an exclusive interview. said. The CEO of the payments giant stated that cryptocurrencies need to resolve regulatory and compliance issues before mass adoption.
SEC Chairman Gary Gensler sought to lay the groundwork for harsh regulation of the crypto industry. The expectation of stronger regulatory action came after several trading platforms such as Celsius filed for bankruptcy.
Despite the sharp fall in crypto prices and regulatory uncertainties, Mastercard launched a new program called Crypto Source in the middle of last month. The program enables financial institutions to provide secure crypto trading skills and services to their clients. Miebach also said:
“There is a problem with regulatory compliance, scalable technology and providing a predictable user experience. Will this happen in the next 6 months? Most likely not. But are we optimistic and invested? Definitely yes”
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