The Mastercard payment system aims to help a billion people around the world gain access to banking services, however bitcoin and other cryptocurrencies do not contribute to this. This view was expressed by Mastercard CEO Ajay Banga, Fortune reports.
“Cryptocurrency volatility is not a way to reach people with financial services; it is a way to scare them,” he said at an event organized by the publication.
Ajay Banga contrasted cryptocurrencies with central bank digital currencies (CBDCs), saying he believes in their prospects.
This is not the first time Mastercard’s head has criticized cryptocurrencies. In 2017 he called them “total junk”, adding that the company is prepared to adapt to cryptocurrency, but only if it is issued by the state.
In October last year Mastercard exited the Libra project. Ari Sarker, President of Mastercard Asia Pacific, cited the coin’s non-compliance with certain basic payments-regulation norms as the main reason for the decision. Later Ajay Banga noted that it was not only regulatory difficulties but also concerns about the viability of the business model.
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