MasterCard CEO Offers His View On Bitcoin, CBDCs, And Stablecoins

MasterCard CEO Offers His View On Bitcoin, CBDCs, And Stablecoins

It is no secret that Bitcoin has dominated the cryptocurrency world for quite a while now. Of course, there have been ups and downs, with the price experiencing both increases and decreases over the years since BTC first burst onto the scene, but its popularity remains consistent. In fact, many former critics who were previously against Bitcoin have acknowledged this popularity and have even begun to accept it as an alternative asset.

Still, this has not stopped critics from sprouting forth, nearly all of whom have made comments against Bitcoin and its long-term practicality. None of these critics are perhaps as vocal about their anti-Bitcoin stance as Ajay Banga, the CEO of MasterCard, who has offered his take on Bitcoin, as well as CBDCs and finally stablecoins.

‘Bitcoin is not really interesting to me, says Ajay

It had been during an interview that had been hosted by Alan Murray of Fortune that Ajay Banga made his stance on the biggest cryptocurrency in the world today crystal clear. While Ajay did admit that CBDCs seem interesting to him and that stablecoins are less so, Bitcoin, on the other hand, is something that the CEO is not interested in at all. He even went as far as calling any cryptocurrency that is not being controlled by a government or regulatory body ‘junk,’ largely due to its unpredictable nature.

Now, it should be mentioned that Ajay has been a critic of Bitcoin for a very long time, so his stance is nothing new. In fact, just last October, during the Fortune Global Forum that had been conducted virtually, he even mocked the volatility of Bitcoin and cryptocurrency in general. He claims that the way Bitcoin has functioned has actually resulted in scaring off potential investors, as anyone who may be financially excluded and wanting to break into the world of digital trading would be intimidated by such a volatile and unpredictable system.

Banga favors CBDCs over Bitcoin

While his apathy regarding Bitcoin is well documented, Banga did go on the record to express his support for CBDCs (Central Bank Digital Currencies), which according to the CEO, maybe more suitable for the purposes of global financial inclusion. MasterCard has even implemented a CBDC testing platform that many banks have since taken advantage of.

Finally, regarding stablecoins, Banga did admit that they are much more reliable and regulated nowadays than they were in the past. However, until they further strengthen their respective compliance measures, MasterCard will not be supporting them for the time being.

Interestingly enough, Visa, the long-time rival to Mastercard, is actually in support of Bitcoin, even going as far as deeming it a form of ‘digital gold.’