cryptocurrency: Cryptocurrency is junk: Mastercard CEO Ajay Banga

NEW YORK: Terming crypto-currency as “junk”, Mastercard President and CEO Ajay Banga has said an “anonymised” currency that can fluctuate “wildly” does not deserve to be considered as a medium of exchange.

The India-born head of the American multinational financial services corporation voiced concern that 95 per cent of all illegal transactions on the dark web, including child prostitution, drugs, credit card and social security fraud, are paid for using crypto-currency.

A crypto-currency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

“I think crypto-currency 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 as a medium of exchange,” Banga said here.

He was responding to questions…