So a couple of days ago, I wrote a piece suggesting that MasterCard was up in arms against bitcoin and other digital currencies, with the crux of the piece based upon the fact that the company had submitted a report to the Senate suggesting that Australian regulators should be careful with digital currency adoption. The report focused in on the fact that bitcoin transactions are anonymous, and to pull a quote directly from the submission, MasterCard stated that:
Contrary to transactions made with a MasterCard product, the anonymity of digital currency transactions enables any party to facilitate the purchase of illegal goods or services (and) to launder money or finance terrorism.
This suggested to many of us that MasterCard is indeed worried about its future, and a
well researched, factually correct, hilarious video released by the Channel News Asia Connect YouTube channel has cemented this opinion.
In the video, President (South East Asia) of Mastercard outlines his expert opinion on the future of digital currencies, their weaknesses and their dangers. I’d love to quote the entire video in this piece, but since we are restricted by word limits I highly advise you watch the video yourself (it will make your night).
[ot-video type=”youtube” url=”https://www.youtube.com/watch?v=bO4jHXjCXw8&feature=youtu.be”]
If you want to take a look at the YouTube vid externally – you can find it here. Unfortunately – and perhaps not surprisingly – comments are disabled.
I was going to put my favourite quote, but there are too many. We’d love to find out what yours are – let us know!