“Currently, digital currencies lack the basic protections consumers have come to expect when transacting online” MasterCard said in its submission. “…if a consumer uses digital currency to make a purchase online and the merchant fails to deliver the goods, the consumer has no recourse through the digital currency’s network.”

Seemingly misunderstanding the concept of a hosted Bitcoin wallet, the company compared Bitcoin to cash, saying “if the consumer’s device containing digital currencies is lost or stolen, the digital currencies may be lost forever, just like cash.”

Ironically for a publicly traded company that also participates in foreign exchange, MasterCard plays the free market is bad card, saying that “In addition, digital currencies can be highly volatile. For example, in 2014, the price of Bitcoin fluctuated significantly…these price fluctuations could create significant losses for consumers and hinder the utility of digital currencies as a reliable means of payment.”

The hand of big Government should never be far away, lest they may supplant the role of Mastercard in the transaction space: “It is our view that all participants in the payments system that provide similar services to consumers should be regulated in the same way to achieve a level playing field for all. Moreover, any regulations should be technology neutral to ensure that they can and do apply to all new providers of payment services to consumers, especially with advancements in technology.”

MasterCard continued by (naturally) playing the boogie man card on Bitcoin, suggesting that in addition to the need to provide consumer protection, it was pertinent that action take place to prevent money laundering and terrorist financing, saying: