MasterCard Executive Argues Bitcoin Can’t Be Trusted
In a new video, Matthew Driver, MasterCard’s president for South East Asia, issued a strong rebuke of digital currencies like bitcoin, suggesting that cryptocurrencies carry too many risks to be successful.
Noting that MasterCard is “not completely comfortable with the idea of cryptocurrencies’, Driver used the video as a platform to blast the technology as “against the whole principle” on which the credit card giant has established its business.
Driver argued that bitcoin’s design makes it difficult for individuals to both trust that their transactions are safe and have faith in the system at large. He asserted that the ability for individuals to “guarantee [their] anonymity” by using digital currencies is especially troubling, a notable comment given that bitcoin has long been recognized as a pseudonymous network.
This post was published at Coin Desk on Stan Higgins/ December 4, 2014.