CEO of MasterCard Criticizes Cryptocurrencies Referring to them as Junk
Ajay Bangu has once against criticized digital currencies, referring to them as “junk” and should not be classified as payment asset. According to him, crypto’s are useless and that an anonymous currency that requires individuals to farm and mine it with an incredibly volatile nature is the complete opposite of what he considers to be a payment asset.
The CEO heavily criticized cryptocurrencies during an event at the Indian Consulate in New York City. He paired digital coins with the dark web, a hub of illicit and malicious sites utilizing cryptocurrencies as payment. Additionally, he also referenced the dozen Russian officers indicted by the DoJ for attempting to manipulate the 2016 Presidential Elections through Bitcoin.
He has mentioned a possibility of MasterCard introducing cryptocurrencies designed and launched by national banks. Due to the enforcement of governmental influence, he states the interest behind them given their proper regulation as many banks globally are looking to create their own cryptocurrency.
Ajay states that MasterCard will be involved if government officials announce the creation of a coin, also known as a CBDC, and will facilitate fund transfers between both ends of a transaction. The company has extensively invested in cryptocurrency R&D as reports state that MasterCard submitted the most blockchain patents over a five-year period from 2012 up until last year. China has also emerged over the US in terms of patents applied.
As mentioned before, MasterCard will be eligible and approve a patent submitted to introduce customers to fractional reserves of blockchain assets and management.