Mastercard is moving slowly but surely to bridge the gap between fiat and digital currencies.
Fintech includes many sectors such as politics, health and climate. Global Impact Week, started on December 14, 2021 in Valencia. The event, which will continue until December 18, 2021, has 500 speakers and 150 sessions. Cointelegraph Editor-in-Chief Participated virtually in the FireChat: Fintech Defining the Future panel, Liz Oakes, Vice President of Market Development, Mastercard Managed with him.
The following speech took place at the panel;
Kristina Corner:
“Mastercard announced in November that it is launching its crypto-funded payment cards. What kind of opportunity do you think this is for the next few months or years to come?”
Liz Oakes:
“We started to serve with nominal money. Where allowed, you can buy crypto using Mastercard and re-convert your money from crypto to fiat. Finding a way to move from crypto to fiat was the first step in development. The second step is to clear deals for hundreds of potential cryptocurrencies. Next, we will look at how we can support the development of Digital Central Bank Coins (CBDC) and stablecoins.”
Kristina Corner:
“What different kinds of developments is your company doing in the crypto industry like NFTs, metaverse payments?”
Liz Oakes:
“Personally, I love NFTs, but I am also aware that there is a huge security hole. My answer to this issue, which is still in development, cannot be a withdrawal to an unaffiliated physical venue.”
Kristina Corner:
“What do you think about the spread of new developments to the financial base?”
Liz Oakes:
“I think I recently read a statistic that 1% or 2% of the entire world’s population is involved in the crypto industry. There’s a lot of money involved, but a really, really small segment of the demographic that thinks they can participate. We have a long road ahead of us and we are not there yet.”