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Cryptocurrency Disapproved By Mastercard CEO Ajay Banga

Cryptocurrency has been routinely under the scrutiny of financial experts and corporate leaders across the world. The recent one came from MasterCard CEO Ajay Banga who bashed crypto coins and called it a junk. It is definitely a volatile topic these days which is yet too accepted by many countries. This is a new concept and eventually, it is not readily accepted by everyone at this point in time.

According to Coin Telegraph, it is stated that the MasterCard CEO was recently addressing “New India Lecture” at the Indian Consulate under the Guidance of Consul General Ambassador Sandeep Chakravorty. He mentioned that cryptocurrency is junk as the values can fluctuate outrageously. In his opinion, this is certainly not the way an apt medium of exchange or a trade. In addition to this, he further added that virtual currency is facilitating black market. However, there was no fact-based information given in support of his statement.

Banga referred to the example of the recent indictment by the U.S Department of Justice (DoJ). Around 12 Russian intelligence officers were charged for creating interference in the last elections of 2016. They were supposedly using cryptocurrency like Bitcoin for affecting the results.

The company reported a significant drop in the quarterly growth results because of decline in the customers using cards for purchasing crypto coins. It seems like the multinational firm MasterCard is facing an alleged business transformation threat for them. Perhaps, if the cryptocurrency outburst land in a right direction with proper regulations it will be accepted within the market very easily.

Cryptocurrency Grows Stronger Despite Negative Stances

Indeed the popularity of crypto coins has only enlarged despite negative attacks. Several MNCs are interested in the underlying blockchain based networks of crypto coins and are readily adopting it. Also, there are countries which have started e-governance projects based on this technology.



[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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