Bitcoin Foundation says digital currency can overcome 'lacklustre' mobile payments

28 February 2014

The executive director the of Bitcoin Foundation, Jon Matonis, has claimed that the mobile payments industry and the adoption of the technology has been "strangled" by a combination of factors.

Speaking at the GSMA Mobile World Congress event in Barcelona, he said that governments, banks and operators have damaged uptake by attempting to secure the "coveted payments pie".

However, he went on to note that bitcoin can subvert the powers that be by bypassing traditional finance authorities, which is crucial to the success of the digital currency.

The cryptocurrency is non-political and does not make use of bank accounts or cards, which Mr Matonis claims gives it an advantage.

He said that the next two years will see bitcoin move more into regular usage by consumers, due to a rise in the number of bitcoin-friendly applications he expects to see.

“Regular retailers won’t have to worry about murkiness in the background which will lead to a wave of adoption," he noted.

There have been recent doubts over bitcoin following the collapse of Mt. Gox, a major exchange, however Mr Matonis believes the currency will come back stronger than ever from the development.

By Gary Cooper

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