WEF 2022: Quick most likely will not appear in five years, states Mastercard Chief executive officer

Mastercard Chief executive officer Michael Miebach stated on Tuesday that he doesn’t expect Quick, probably the most broadly used platforms for mix-border fiat transactions, to appear in five years’ time. 

Miebach was speaking in a panel session on central bank digital currencies (CBDCs), included in the Global Blockchain Business Council (GBBC)’s Blockchain Central Davos conference, which ran adjacent around the world Economic Forum 2022 in Davos, Europe.

For the finish from the panel discussion, once the moderator requested each panelist whether or not they thought Quick would remain in five years’ time, Miebach caused the crowd to gasp in shock after answering “no”, based on a Cointelegraph reporter who attended the session. 

The response was not expected given his position at Mastercard, which the panelists before him, including Jon Frost, a senior economist at Bank of Worldwide Settlements and Jennifer Lassiter, executive director from the Digital Dollar project, a company given the job of exploring a U . s . States CBDC had clarified yes.

Other panelists following Miebach also required the affirmative point of view, including Yuval Rooz, Chief executive officer of Digital Asset, an information technology company and David Treat, director at Accenture and co-lead from the company’s blockchain business.

Cointelegraph contacted Miebach rigtht after the panel discussion, but was denied any more comment about them.

Later, a Mastercard spokesperson downplayed Miebach’s comments within an email statement:

“Let us clarify the intent from the on-stage comment, as it isn’t as easy as a good or bad answer. Michael was simply reinforcing what Quick has formerly stated – their operations still evolve. Its current form won’t be exactly the same later on. They’re adding more functionality and moving past just as being a messaging system.”

Quick processed 42 million messages each day this past year, but transactions around the network may take a few days to accomplish. The organization continues to be striving to maintain its relevance within the worldwide economic order, especially regarding CBDCs.

For this finish, Quick continues to be exploring using CBDCs to facilitate seamless mix-border payments from as soon as May 2021 if this released some pot paper with Accenture searching at just how digital currencies might help mix-border payments.

Related: WEF 2022: Blockchain community breaks stereotypes at Davos

On May 19, 2022, Quick announced its second round of experiments involving CBDCs, collaborating with French IT company Capgemini look around the linking of domestic CBDCs to facilitate seamless mix-border payments.

Cointelegraph reporters on the floor at Davos noted that in another panel session entitled “Rules from the Road for Digital Economy,” Miebach spoken concerning the role regulation may take in lessening the unwanted noise around a nascent technology like crypto.

“Not everybody is screaming for regulation however it does lessen the noise within the crypto world. Engaging positively with regulators and being principled, I’m positive,” he stated.

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