MasterCard CPO (Chief Product Officer) Craig Vosburg spoke to Fortune regarding the future of the cryptocurrency industry. Vosburg believes that the firm is at an “interesting juncture in history.” Blockchain and tokenization have created a new wave of user experiences.
Vosburg said that the firm does not have a view on cryptocurrencies as an asset class. However, the firm wants to “be in a position to easily and securely facilitate that movement of money into and out of fiat currency and crypto.” Additionally, the company is collaborating with partners to expand the availability of purchasing, selling, and holding cryptocurrencies through financial institution partners.
Additionally, Vosburg stated that CBDCs, stablecoins, and tokenized bank deposits are some of the things the firm is looking into.
The future of cryptocurrencies according to the MasterCard CPO
According to Vosburg, the future of the new asset class will depend on a few important factors. First is the regulatory environment around cryptocurrencies. Vosburg emphasizes the importance of outlining precise ground rules and guidelines for all users. This includes cryptocurrencies as an asset and as a payment instrument.
The second important factor, according to the MasterCard executive, is the mainstream adoption of cryptocurrencies. Vosburg noted that “there needs to be a clear framework for creating trust around the transactions.” Furthermore, Vosburg states that creating trust includes clear consumer protections.
Lastly, Vosburg says that there needs to be “a degree of interoperability between different currencies.” That way, the utility of the individual currencies will increase because they can be used anywhere.
Vosburg was also asked about his opinion on the future of finance. However, the MasterCard executive said that he could not make such a prediction. Vosburg stated that “its hard to say exactly what it’s going to be, with so much happening in terms of new technology.” Nonetheless, he did say that for consumers, it will be more digital. Additionally, it will likely have an outwardly more straightforward user experience, but be more sophisticated in reality.