Mastercard CEO: If Cryptocurrency Is Not Issued by Government, It's Junk
CryptoBit News Today1 min read
Mastercard CEO Ajay Banga has harshly criticized non-government-mandated cryptocurrencies, calling them "junk" in an interview with The Economic Times. While not against blockchain-based money and tokenization in principle, Banga insists they must have government backing.
Banga's critique primarily centered on volatility and stability concerns.
As digital currencies are almost direct competition for Mastercard, it is no surprise that Banga was not complimentary of the technology. His comments echo those of Wall Street figures like Jamie Dimon, who called Bitcoin a "fraud".
However, not everyone is dismissing the cryptocurrency community's efforts. "When the incumbent industry is making statements like this and acknowledging you...it’s a sign that what we’re doing is working...it’s a huge validation," said Pierce. The divide highlights the polarizing stance on cryptocurrencies within the financial sector.
