MasterCard CPO (Chief Product Officer) Craig Vosburg spoke to Fortune about the future of the cryptocurrency industry. Vosburg believes the company is at an “interesting time in history.” Blockchain and tokenization have created a new wave of user experiences.
Vosburg said the firm has no vision of cryptocurrencies as an asset class. However, the company wants to be “in a position to facilitate that movement of money in and out of fiat currency and crypto easily and securely.” In addition, the company is working with partners to expand the availability of buying, selling and holding cryptocurrencies through financial institution partners.
Moreover, Vosburg stated that CBDCs, stable coinsand tokenized bank deposits are some of the things the company is looking at.
The future of cryptocurrencies according to the MasterCard CPO
According to Vosburg, the future of the new asset class will depend on a number of key factors. First, there is the regulation around cryptocurrencies. Vosburg emphasizes the importance of establishing precise ground rules and guidelines for all users. This includes cryptocurrencies as assets and as a payment instrument.
The second important factor, according to the MasterCard manager, is the widespread adoption of cryptocurrencies. Vosburg noted that “there needs to be a clear framework for building trust around the transactions.” In addition, Vosburg argues that creating trust entails clear consumer protection.
Finally, Vosburg says there should be “some 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 his opinion on the future of finance. However, the MasterCard manager said he could not make such a prediction. Vosburg stated that “it’s hard to say exactly what it’s going to be as there’s so much going on in terms of new technology.” Nevertheless, he said it will be more digital for consumers. In addition, it will likely have an outwardly more straightforward user experience, but will actually be more advanced.