The President and CEO of Mastercard Ajay Banga (Ajay Banga) has again criticized the cryptocurrencies, calling them “junk”, citing anonymous nature and high volatility.
“I believe that cryptocurrency is junk. The idea of an anonymous currency created by the people who are supposed to produce it, the cost of which can fluctuate wildly — in my opinion, not the case when some means of payment is recognized as such,” said Bang, the event at the Indian Consulate in new York.
Cryptocurrencies are not a good means of payment because they do not have predictability and transparency, he said.
Ajay Banga also reminded of the anonymous nature of crypto, making, in his words, they accomplished 95% of the illegal transaction on the darknet. The head of Mastercard pointed to the use of bitcoins for intervention in the US presidential election of officers of GRU against whom has recently charged the U.S. Department of justice.
“Why civil society want to put a snake in his back yard and think that it will bite only the neighbour — I don’t understand,” said Ajay Banga.
Recall that the head of Mastercard already criticized the cryptocurrencies in similar terms in October last year. Then he stressed that the company is ready to work with digital currencies issued by governments.
While led Bangoy company is among the leaders on the obtained patents in the field of blockchain technology. One of them opens the possibility of cryptocurrency payments via credit card.