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Mastercard CEO Ajay Banga consider cryptocurrency as JUNK

Mastercard CEO Ajay Banga consider cryptocurrency as JUNK

July 27, 2018 12:07 pm,

Mastercard President, CEO Ajay Banga has described cryptocurrency as an anonymized currency that can fluctuate wildly does not deserve to be considered as a medium of exchange and terming crypto-currency as junk. The America multinational financial services corporation voiced concern said that 95% of all illegal transactions on the web, including social security fraud, child prostitution, credit card and drugs are paid for using cryptocurrency.

According to Ajay Banga, cryptocurrency is nothing but digital currency in which different techniques are used to regulate and verify the generation of units of currency and verify the transfer of funds, operating independently of a central bank. Ajay Banga, CEO of Mastercard President said that. “According to him, cryptocurrency is JUNK. The idea of an anonymized currency produced by people have to mine it to get it, the value of which can fluctuate wildly and the value will depend on the market. He is not the way that any medium of exchange deserves to be considered as a medium of exchange,”

Then Ajay Banga was questioned upon cryptocurrency and he was answering questions about cryptocurrency during the ‘New India Lecture’ organized last week at the Indian Consulate under the aegis of Consul General Ambassador Sandeep Chakravorty. The New India lecture series was organized by the (USISPF) US-India Strategic Partnership Forum in partnership with the Consulate.

Ajay Banga said, according to him cryptocurrency is not at all a good medium of exchange as it does not have transparency and predictability but still why it is the medium of exchange that is being preferred. Ajay Banga also referred more than 12 Russian intelligence agents in the hacking of Democratic National Committee and for interring in the US elections, saying that the FBI had disclosed that the Russian agents handled the most delicate transactions using cryptocurrency Bitcoin. He also said that cryptocurrency was used in such dealings because it is anonymised. “Why civil society would like to put a snake in its backyard and think that somehow the snake will only bite my neighbour, I don’t get it,” he said.