Petr Kozyakov, CEO of Mercuryo, discusses the future of finance, suggesting that crypto and fiat currencies will coexist rather than one replacing the other. He highlights the growing trend of crypto salary payments and the need for practical spending options. Moreover, he views crypto as a tool for value movement, stressing the importance of simplifying crypto transactions. Mercuryo’s new partnership aims to facilitate crypto spending through a collaborative payment card with Ledger.
Petr Kozyakov, the CEO of crypto payments platform Mercuryo, shared insights with Cointelegraph about the future landscape of finance. He believes it won’t simply be a battle between digital assets and fiat currencies; instead, both will likely coexist, with each having its moment to shine in various situations. Simply put, he suggests that crypto isn’t about to entirely replace fiat.
Kozyakov emphasised that while the era of crypto payments is certainly on the rise, we shouldn’t expect fiat to vanish anytime soon. He stated, “We don’t think crypto will replace fiat,” explaining that individuals will gravitate towards whichever payment method is most practical at the moment, whether for payroll, lending, or transferring money.
When it comes to crypto being used for salary payments, it’s not just a passing trend anymore. Kozyakov pointed out that many companies are starting to pay their employees—both full-time and gig workers—in crypto assets. “That is a growing trend,” he remarked, as he noticed this practice gaining traction across the globe.
With more employees receiving salaries in cryptocurrency, questions about its utility inevitably arise. Kozyakov highlighted that workers often wonder what they can do with their crypto earnings. “You won’t invest everything and just wait. You need to use it for everyday purchases,” he noted. This is where the need for practical options arises.
He elaborated further on this aspect, mentioning that individuals earning crypto are eager for ways to spend their digital salaries in real life, from buying a cup of coffee to paying utility bills. The acceptance of crypto in salary contracts is gaining momentum too—citing an example from Dubai, where a court recently endorsed crypto as a legitimate salary payment method.
On another note, Kozyakov sees crypto as a vital tool for money movement and storage, beyond being merely a speculative asset. “Crypto is not only an asset; it’s the perfect rail to move money and store money. It is essential to be able to spend it,” he explained.
However, he pointed out the complexities associated with spending crypto: it often involves transferring funds to an exchange, then to a bank account, which can lead to some rather odd questions from banks. Because of these hurdles, Kozyakov stressed the importance of facilitating easier ways to spend crypto directly.
He also highlighted Mercuryo’s recent collaboration with hardware wallet firm Ledger to create a crypto payment card. Set to launch on April 23, this card will allow users to spend their crypto at any location that accepts Mastercard. Kozyakov remarked that advancing seamless payment options for crypto will not only promote investment but will also establish it as a viable method of exchange in everyday life.
