The head of MasterCard Ajay Banga called cryptocurrency debris. Recently, digital currencies are increasingly the subject of criticism from the so-called “financial experts”, the head MasterCard have joined their choir.
Bang voiced their opinions about the cryptocurrency, speaking to business representatives and market participants during the lecture “New India” which was held at the Indian Consulate under the patronage of the Ambassador of this country in the United States of Sandip Chakraborty. The performance of Bangui was part of a series of lectures organized by the Consulate in cooperation with Indo-American forum of strategic cooperation.
Literally, Ajay Banga, stated the following:
I think cryptocurrency is garbage. It seems to me that anonymous cryptocurrency created by the user in the mining process, the cost of which is subject to severe fluctuations, is not the best currency that deserves to be called a means of payment.
Banga added that most cryptocurrencies use on the black market: according to him, more than 95% of all cryptocurrency transactions are carried out on the drug market in the area of credit card fraud and even in the market of child prostitution. It is unclear where the Bang got those numbers.
He also noted that currency, almost completely devoid of transparency, “unpredictable” and it is not necessary to use it in transactions. It may be that the judgment of the head of MasterCard show that his company feels threatened by cryptocurrencies.
The negative attitude of the Indian authorities and regulators in respect of digital currencies is well known. Perhaps Bangui decided that it would be prescient to take the side of those who deny cryptocurrency and is trying to ban them. He mentioned the recent episode, when the U.S. government imposed sanctions on 12 officers of the Russian special services, who allegedly organized the intervention in the US presidential election. According to Bangui, during the RAID, they used the cryptocurrency.
Bangui has affected a number of other topics, including trade wars, and globalization. The head of MasterCard argues that globalization can only succeed when the rules of trade. Notably, Bangui, as Prime Minister Narendra modi, said that India needs to move towards a society of non-cash payments.