MasterCard CEO: cryptocurrencies are rubbish

The Chief Executive Officer of Mastercard Ajay Banga has severely criticized all the crypto-currencies, unauthorized by the government, calling them “garbage” in a recent interview with Economic Times

Digital currencies are practically direct competitors for such a company as Mastercard. At the same time, Banga is not set up categorically against the idea of money-based and tokenization-based money. But, in his opinion, they should be authorized by the government.

“If the government creates a digital currency, we will find a way to be in this game. We will provide “rails” for moving the currency from the buyer to the seller. Government-sanctioned digital currencies are interesting, unauthorized currencies are garbage, “he said.

Banga also criticized Bitcoin for its volatility and use in illegal activities:

“If I paid for a bottle of water in bitcoins, one day it would be two bottles per bitcoin, then 9,000 bottles. This does not work. Any currency needs stability and transparency, otherwise you will get all the illegal activities in the world. Why did the hackers behind WannaCry demand a ransom in bitcoins? Why did China deal with bitcoin? “

Bangui’s attack on Bitcoin has not become something new, recently the cryptocurrency has been heavily criticized by many experts and market representatives.

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