Mastercard CEO slams cryptocurrencies as “junk”

President and CEO of Mastercard, Ajay Banga, has once again called cryptocurrencies ‘junk’, slamming their anonymity and volatility.

Speaking at an event in New York, Banga spoke about the use of cryptocurrencies on the dark web, as well as in the case of Russian military intelligence officers idicted for election fraud.

He said: “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 a medium of exchange.”

This is not a new opinion from Banga, who also said last October that non-government mandated digital currencies are ‘junk’.

“If the government creates digital currency, we will find a way to be in the game,” he said at the time. “We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting.”