Crypto News: Mastercard CEO Attacks Bitcoin, Finds Solace in Government-Backed Cryptos

Ajay Banga, CEO of Mastercard, has leveled a scathing attack on any and all cryptocurrencies that are not government mandated, calling them “junk”.

Digital currencies are almost direct competition for a company like Mastercard, and when asked his opinion on the futuristic technology, Banga was not complimentary of how things stand at the moment.

Knowing that digital currencies are big disrupters in the traditional money market, traditional investors, and now even established money movers, have been scathing.

Banga was not totally against the idea of Blockchain-based money and tokenization, however, his big caveat was that it needs to be government backed.

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

Full story at http://bit.ly/2i2PcnF

Source: CoinTelegraph

 

 

 

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