{"id":276201,"date":"2020-10-28T12:43:50","date_gmt":"2020-10-28T16:43:50","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=276201"},"modified":"2021-08-13T05:30:16","modified_gmt":"2021-08-13T09:30:16","slug":"mastercard-ceo-calls-bitcoins-bluff-on-financial-inclusion-claims","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/mastercard-ceo-calls-bitcoins-bluff-on-financial-inclusion-claims","title":{"rendered":"Mastercard CEO Calls Bitcoin\u2019s Bluff on Financial Inclusion Claims"},"content":{"rendered":"

One of Bitcoin’s primary arguments over the years has been its ability to sidestep an exclusionary financial system to provide effective inclusion. <\/span>However, a top tech executive is casting doubts over the asset’s ability to deliver on that promise.<\/span><\/p>\n

Accountability and Volatility Problems<\/b><\/h2>\n

In a <\/span>speech<\/span><\/a> at the Fortune Global Business Forum earlier this week, Ajay Banga, the chief executive of credit card manufacturer and payment processor Mastercard, explained that Bitcoin lacked the structural capabilities to ensure global-scale financial inclusion.<\/span><\/p>\n

When asked about the potential for the asset to deliver on this central promise, Banga explained that the lack of clarity over who developed Bitcoin in the first place is a tad concerning. The CEO also pointed out Bitcoin\u2019s famed volatility, explaining;\u00a0<\/span><\/p>\n

\u201cCan you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola\u00a0bottles today and 21 tomorrow? That’s not a way to get them [included]. That’s a way to make them scared of the financial system.\u201d<\/span><\/p><\/blockquote>\n

Instead, the CEO is throwing his full weight behind Central Bank Digital Currencies (CBDCs), which have become one of the hottest topics in the crypto industry to date. Thanks to their relative stability and the transparency behind who issues them, Banga explained that CBDCs could improve cross-border payments and stabilize capital inflows.\u00a0<\/span><\/p>\n

While he didn\u2019t give strong opinions on CBDCs\u2019 abilities to provide financial inclusion, he gave them a better shot at doing this than traditional cryptocurrencies.\u00a0<\/span><\/p>\n

Ready for the CBDC Wave\u00a0<\/b><\/h2>\n

Banga is reiterating Mastercard\u2019s stance on cryptocurrencies and CBDCs, which the firm has held on to for at least two years. Back in 2018, Mastercard confirmed that it would be open to collaborating with countries on their CBDCs,\u00a0<\/span><\/p>\n

Speaking<\/span><\/a> with the Financial Times, Ari Sarker, the co-president of Mastercard\u2019s Asia-Pacific business, explained that the firm was open to collaborating with governments as long as there was disclosure over a CBDC\u2019s value and its regulator. As he explained, CBDCs would be a point of interest, as long as they\u2019re not anonymous.\u00a0<\/span><\/p>\n

The company could soon get its wish, as several countries across the world have not confirmed research into possible CBDCs. Spurred by digital commerce growth and the coronavirus pandemic, more countries have announced research into state-backed digital assets that they could publish in the next few years.<\/span><\/p>\n

Currently, China and Japan are leading the pack. Both Asian economic giants are moving ahead with tests for their respective digital assets, with the former already conducting several tests this year alone.\u00a0 If everything goes to plan, China <\/span>could launch<\/span><\/a> its digital yuan before 2022.\u00a0<\/span><\/p>\n

While it\u2019s unclear if any of the two countries would like to incorporate Mastercard into their CBDC plans, other countries might. Europe could have a continent-wide asset soon, as the European Central Bank (ECB) recently <\/span>confirmed<\/span><\/a> research into a possible CBDC. The Bank of International Settlements (BIS) has also <\/span>announced<\/span><\/a> work on a CBDC proof-of-concept.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

One of Bitcoin’s primary arguments over the years has been its ability to sidestep an exclusionary financial system to provide effective inclusion. However, a top […]<\/a><\/div>","protected":false},"author":1770,"featured_media":276205,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[1],"tags":[734,8824,5342],"acf":[],"yoast_head":"\nMastercard CEO Calls Bitcoin\u2019s Bluff on Financial Inclusion Claims - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"The CEO of payment processor Mastercard explained that Bitcoin lacked the structural capabilities to ensure global-scale financial inclusion.\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/276201\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mastercard CEO Calls Bitcoin\u2019s Bluff on Financial Inclusion Claims\" \/>\n<meta property=\"og:description\" content=\"The CEO of payment processor Mastercard explained that Bitcoin lacked the structural capabilities to ensure global-scale financial inclusion.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2020-10-28T16:43:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-13T09:30:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/10\/mastercard.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"275\" \/>\n\t<meta property=\"og:image:height\" content=\"183\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/276201#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/276201\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"Mastercard CEO Calls Bitcoin\u2019s Bluff on Financial Inclusion Claims\",\"datePublished\":\"2020-10-28T16:43:50+00:00\",\"dateModified\":\"2021-08-13T09:30:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/276201\"},\"wordCount\":509,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"keywords\":[\"Bitcoin\",\"CBDC\",\"Mastercard\"],\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/276201#respond\"]}],\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/276201#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/276201\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/276201\",\"name\":\"Mastercard CEO Calls Bitcoin\u2019s Bluff on Financial Inclusion Claims - 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