Bitcoin is turning the minds of many former critics back. However, Ajay Banga, CEO of MasterCard, is still cold about cryptocurrency. This was reported by YouTube on the 26th (local time).
Banga recently told Fortune magazine Alan Murray, “I have no particular interest in bitcoin,” and “I prefer the central bank digital currency (CBDC) and stablecoin.”
“The central bank digital currency is really interesting. Stablecoins are a little less so. Bitcoin is not.”
Banga has repeatedly attacked Bitcoin in the past. Last year, he expressed the following view, saying that highly volatile cryptocurrencies cannot be used as a tool for financial incorporation.
“Can you imagine the financially underprivileged using a currency that turns the value of two Coca-Cola today into 21 values tomorrow? Rather, it will make them afraid of the financial system.”
In addition, in 2017, “anonymous cryptocurrencies that are not issued by the state are garbage. It is because the price fluctuates so badly that it cannot be a means of storing value.”
At the same time, Banga has been promoting CBDC for many years, arguing that it is a much better option for financially underprivileged.
[No, Bitcoin is not on the Mastercard network]
In a blog post in February this year, Mastercard announced that it would support selected cryptocurrencies in its network. So far, it seems to be related to stablecoins.
“To be clear, not all cryptocurrencies today will be supported on our network. Stablecoins are more regulated and more reliable than recently, but many of the hundreds of digital assets in circulation still do not meet our requirements because they still need to enforce compliance measures.”
CNN published an article stating that Mastercard allowed merchants to accept Bitcoin, but Anne Cairns later clarified that “this is not true.”
“Bitcoin doesn’t work like a payment method. It’s too capricious and it takes too long to trade.”
Meanwhile, VISA has a different view. “Bitcoin is digital gold,” said Visa’s CEO Al Kelly. “We plan to make it possible to buy bitcoin.”
(Bitcoin is winning over the hearts and minds of many of its former critics.But Mastercard CEO Ajay Banga remains unenthusiastic about the red-hot cryptocurrency.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.