Mastercard CEO: Cryptocurrencies Are ‘Junk’ And Not A Proper Medium Of Exchange

The president and CEO of one of the largest payment processors and card issuers, Mastercard, Ajay Banga, has again bad-mouthed cryptocurrencies, labeling them as ‘junk’.

During a speech in New York, Banga said that cryptocurrencies are ‘junk’ and argued that the factors which made them unqualified to be mediums of exchange included their anonymous nature and the wild fluctuations that they experienced.

As he said (reported by CNBC):

“I think cryptocurrency is junk….The idea of an anonymized currency produced by people who have to mine it, the value of which can fluctuate wildly – that to me is not the way that any medium of exchange deserves to be considered a medium of exchange,”

Banga responded to a question on cryptocurrencies that was asked during the ‘New India Lecture’ organized by the Indian Consulate in New York. During the event, Banga rehashed the criticism that is constantly present when it comes to cryptocurrencies.
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What’s interesting is the fact that this is not the first time Banga is attacking cryptocurrencies. In October 2017, the Indian CEO of the US financial services giant labeled them as ‘junk’ and ‘non-government mandated’.

The good news, however, is that Banga is looking forward to accepting his company’s (Mastercard) digital currency mandated or developed by a central bank. In this case, the Mastercard CEO labeled digital currencies as ‘interesting’ for the government-mandated central banks.

A proof for Mastercard’s willingness to accept digital assets is the blockchain-based coupon authentication system and travel itinerary bidding system which are both inventions that Mastercard has filed or has been awarded.