qz.com / Shelly Banjo / June 09, 2015
MasterCard is lobbying the UK government for increased regulation of bitcoin and other digital currencies that pose a threat to its legacy credit-cards business, as it tries to adapt to the transformation of a payments industry long overdo for change.
“In the current environment we feel that the risks of digital currencies outweigh the benefits,” the company wrote in strongly worded letter, obtained by digital currency website Coindesk, in which MasterCard asks the UK government for more regulation of crypto currencies.
The letter, sent in response to the UK Treasury’s call for informationlast year, is the latest sign that established financial companies are taking bitcoin and other digital currencies more seriously—and pushing for a level playing field.
From the letter: