Over the past few months, many former critics have started to embrace and adopt Bitcoin as an alternative asset class. But even if that is the case, Mastercard CEO Ajay Banga will definitely not be one of them anytime soon.
Bitcoin and others
Asked what he thinks of cryptocurrencies in an interview with Fortune’s Alan Murray, Banga said, “The central bank digital currency is really interesting. Stablecins are a little less interesting. For Bitcoin, I can’t say the same thing ”.
Banga’s views are not unusual or unexpected, but the executive criticizes the world’s largest cryptocurrency.
“Can you imagine someone financially marginalized with a currency equivalent to two Coca-Cola bottles today, costing 21 tomorrow? This is not a way to get them. This is a way of “frightening” the financial system. ”
In fact, he called cryptocurrencies beyond the control of governments “junk” because of their liquid nature. It is worth noting here that Mastercard broke up with the Libra Association in February due to regulatory pressures on the Facebook-based startup.
Although its antipathy to Bitcoin is well known, Mastercard did not hesitate to justify its views with CBDCs and stablecoins. According to Banga, CBDCs may be better suited to buy worldwide. Mastercard recently introduced a platform to test virtual CBDCs, which is an assessment and exploration of digital currencies of various banks.
Banga states the following about Stablecoins:
“To be totally clear, not all cryptocurrency experiences of today will be supported on our network. While stablecoins are more regulated and reliable than in the past, most of the few digital assets in life need to tighten up compliance measures so they don’t meet some. ”
Surprisingly, Mastercard’s arch-rival Visa has a completely opposite view of Bitcoin. Visa CEO Al Kelly recently announced that he plans to buy the best cryptocurrency by calling BTC “digital gold”.