MasterCard CEO, Ajay Banga has said that “Cryptocurrency is junk” in a move that is hardly the best PR from a head honcho of a major multinational company. As crypto routinely comes under attack from so-called ‘financial experts’ across the globe, the MasterCard CEO is just the next in line to bash crypto.
Banga expressed his opinion that cryptocurrency is junk when addressing the international community and trade at the ‘New India Lecture’ that was recently held at the Indian Consulate under the Guidance of Consul General Ambassador Sandeep Chakravorty. The talk was part of a lecture series that was organized by the consulate in conjunction with the US-India Strategic Partnership Forum.
Making news by saying cryptocurrency is junk
It is easy in this day and age to get cheap laughs by branding cryptocurrency a joke, and if that is what the MasterCard head was trying to achieve, it probably isn’t the best PR move from a CEO in 2018.
When addressing patrons at the lectures in India, Ajay Banga was quoted as saying, “I think cryptocurrency is junk….The idea of an anonymised 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.”
He added that crypto is mainly for black market transactions with over 95% of all transactions being for drugs, credit card fraud and even child prostitution. Where he got those figures from we will never know! Seems like irresponsible opinions from a CEO of any company, never mind from a major multinational firm such as MasterCard.
He went onto say that a currency that offers little to no transparency is unpredictable and not worth being used for conducting transactions. It would seem that MasterCard might feel under threat from crypto with these latest outbursts. Saying cryptocurrency is a joke and tangling it with child prostitution, and drugs hardly seems fitting from a major financial institution.
The war against cryptocurrency
India’s stance on cryptocurrency is well documented, so perhaps Banga thought it was okay to bash the industry and to say cryptocurrency is junk. He used the example of the 12 Russian intelligence officers who were recently indicted for interfering with US elections, by stating they were aided by cryptocurrency. It seems that Banga’s front knows no bounds as he handpicks his way through evidence and examples.
During the lectures, Banga also gave his opinion on a number of issues such as trade wars and even globalization. Banga believes that globalization can only work when keeping to trade rules. Surprise surprise that Banga believes that India should move towards a cashless society, supporting Indian Prime Minister, Narendra Modi. No doubt that MasterCard will be at the forefront of electronic payments in a cashless society and crypto is a competitor in that regards, which might explain why cryptocurrency is junk.
When CEOs from major credit card companies say cryptocurrency is junk, we can’t help but sit up and take notice. No doubt that Banga will come in for some criticism from the four corners of the crypto-sphere for his comments.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.