Mastercard CEO uses the “J ” word again to describe cryptocurrencies!

junk IS a big word

Ajay Banga reportedly called cryptocurrencies ‘junk’ once again, claiming that these latter are not qualified to be mediums of exchange, simply because of their anonymous nature and their unreliable fluctuations.

When responding to a question on cryptocurrencies asked during the ‘New India Lecture’; an event organized by the Indian Consulate in the Big Apple, Banga said:

“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 a medium of exchange,”

During the time, Banga confirmed all that’s been said on the cryptocurrencies from criticizers who are constantly throwing shades on the cryptocurrencies alleging that they are being used to conduct transactions on the dark web.

He then evoked the case of the 12 Russian military intelligence officers who were recently indicted by the U.S. Department of Justice for meddling in the country’s elections, indicating the use of bitcoin by the Russians.

All of this is not new to Mastercard CEO, the man has a flashy history of attacking cryptocurrencies. For instance, last year in October, Banga plainly said that all ‘non-government mandated’ digital currencies were ‘junk’.

Howsoever, in spite of his oppressive attitude towards cryptocurrencies, CEO Banga is actually a  big fan of their biological mother: Blockchain technology and is heavily involved in the research and development of blockchain technologies.


Wejden Khachaa

Marketing/Finance Bachelor, worked in several tech start-ups at a young age, her passion for blockchain and her firm belief that it will change the world one day inspires her to write about related topics.

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