RATE Group | Mastercard CEO: “Cryptocurrency is Junk”
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Mastercard CEO: “Cryptocurrency is Junk”

28 Jul Mastercard CEO: “Cryptocurrency is Junk”

Posted at 13:49h in Cryptocurrency News by

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Mastercard CEO: “Cryptocurrency is Junk”

Just days after Mastercard filed a patent to link fiat and cryptocurrency transactions, the payment giant’s CEO lashes out at cryptocurrency — once again describing the asset class as “junk” that should not serve as a medium of value-transfer.

As a board member of the US-India Strategic Partnership Forum, President and CEO Ajay Banga argued during the 6th New India lecture in New York, that the volatility and anonymity of “cryptocurrency” debase its worth as a “medium of exchange”.

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 as a medium of exchange,

According to CNBC, the Indian executive went on to claim that cryptocurrency is used for 95% of all nefarious purchases made on the dark web — including narcotics sales and credit card fraud.

While the comments would offer much-needed…

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