Crypto Must Be Integrated With Existing Systems for Wider Adoption, Says Mastercard Exec

The cryptocurrency industry, which is currently valued at $1.28 trillion (~Rs 97,98,871 crore), is trying to make its place among the current financial systems around the world. Mastercard’s Harold Bossé believes that cryptocurrencies need to be so intricately integrated into the global economic structure that they are next to invisible. This could drive worldwide adoption of virtual assets, Mastercard’s vice president of new product development and innovation said recently in an interview.

Bossé was speaking at an online event hosted by Avalanche, when he outlined this potential plan aimed at getting more people into the crypto sector.

“[Crypto] It should become invisible. I still say that and it looks like a broken record, but it should just disappear into the background for the user who doesn’t care – honestly, my mom doesn’t care if that’s the case [centralised finance] Or DeFi,” the financial services expert said.

At this point, Boss said, the lack of cryptographic knowledge is also a major factor holding back its acceptance among the masses. The CEO of Mastercard noted that even at the top management levels, there is a severe lack of knowledge of cryptocurrencies.

“The complexity of technology should go away. At the end of the game, these subnets should run just like the Internet is running today. No one will ever use digital assets in the blockchain unless they are absolutely certain that this money is good money.”

Currently, the cryptocurrency industry is facing a downturn in which large amounts of capital are being lost.

The digital asset industry saw the second largest outflow of the year as investors pulled about $141 million (about Rs 1,109 crore) from the industry last week after the recent crash of Terra.

However, industry experts believe that the more countries link the crypto sector to regulation, the faster its volatility will decrease.

In a new development regarding cryptocurrency adoption, the Central African Republic (CAR) adopted bitcoin as legal tender in April and became the first African country to do so.

The Prospera Special Economic Zone has also recognized bitcoin as the accepted currency. Following the announcement, municipalities in Honduras are now allowed to issue bonds in BTC to attract foreign investment.

Meanwhile, Mastercard is taking steps to integrate crypto services with its existing facilities.

Last October, the New York-based financial services firm struck a deal with crypto wallet platform Bakkt to allow merchants, fintech companies and banks to accept and expand a ‘wide range’ of solutions and services that include cryptocurrencies.

In December, MasterCard introduced 15 brands related to its entry into the metaverse. Its patent applications revealed that the company is looking to host educational seminars as well as social events and concerts in the Metaverse area. It can take up to six months for Mastercard to get an update on its deposits.

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