2018-7-26 20:12 |
One of the largest card companies in the world, MasterCard, doesn’t view cryptocurrency as a medium of exchange. The CEO of MasterCard, Ajay Banga, spoke at the “New India Lecture” earlier this week. The Indian Consulate organized the lecture series in partnership with the US-India Strategic Partnership Forum. While responding to questions at the lecture, he spoke harshly about cryptocurrencies, calling them “junk.”
The Dark Web Connection of Digital CurrenciesBanga noted that 95 percent of all transactions on the dark web are made using cryptocurrencies. The anonymous nature of these currencies can be made for payments for drugs, credit card frauds, social security frauds, child prostitution, etc., where criminals and other users have lesser chances of revealing their real identities.
Speaking further, he commented:
“I think crypto-currency is junk … The idea of an anonymized 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 as a medium of exchange.”
He also said that digital currencies are not a good medium of exchange because of high volatility and lack of transparency.
Banga also spoke about the recent formal accusation on 12 Russian intelligence officers related to hacks in the 2016 US elections, where President Trump was elected to power. He noted that the FBI records show that these agents had used Bitcoins for making transactions, emphasizing that the currency was used because it is anonymous in nature.
The India-born American made several harsh references to digital currencies, even going as far as comparing it to a snake. He said:
“Why civil society would like to put a snake in its backyard and think that somehow the snake will only bite my neighbor, I don’t get it.”
Trade Wars and Other IssuesAt the same time, Banga stressed that cash is used in illicit activities like terrorism and drug distribution, because of which people need to move to electronic payments.
He also talked about the trade wars between large economies where bans are met with contra bans. He highlighted that it is the time for people to start debating open trade in the world.
MasterCard CEO Calls Cryptocurrency “Junk” was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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