The new DEFI platform enters the market! Earn passively - token sale 0.25 $ I'm going in!

Bitcoin will not help in the fight against financial exclusion, says the head of Mastercard

3 min reading

According to the CEO of Mastercard, the volatility of the largest cryptocurrency makes it of little use in the fight against financial exclusion. Bitcoin is too volatile, he says.


Mastercard CEO: BTC too volatile to support financial inclusion

Ajay Banga, the CEO of Mastercard, is trying to connect a billion people worldwide to the banking system, but sees no use for cryptocurrencies like Bitcoin (BTC) in their quest for greater financial integration.

The reason is the volatility of cryptocurrency prices. The value of BTC, as well as most altcoins, is subject to large fluctuations. "Bitcoin per se is volatile in its valuation," Banga said at the Fortune Global Forum.

In his opinion, for this reason, cryptocurrencies not only will not help in increasing financial integration, but may even discourage unbanked people (not using banking services) from the financial system.

This is not the first time Banga has expressed his disapproval of cryptocurrencies. In 2017, it described all cryptocurrencies that are out of government control as junk, and criticized BTC for its volatility and use cases for illegal activities. "Government-backed digital currencies are interesting. Non-government currencies are rubbish," said the director of the financial services giant.

Mastercard sees potential in CBDC

Despite the negative stance on cryptocurrencies, the Mastercard CEO sees potential in digital currencies issued by central banks, the so-called CBDC. "We believe in central bank digital currencies," said Banga.

He says Mastercard has "invested a significant amount of money" in CBDC, adding that the company is now "one of the largest patent holders in the field of central bank digital currencies". Earlier this year, Mastercard created a test environment to help central banks develop digital currencies.

According to Bang, introducing such currencies could help improve certain aspects of the financial sector. "If fiat were to go digital, they would help cross-border trade flows and make them more efficient."

read also: ETH takes a crazy ride on Binance!

Currency Exchange rate Buy cryptocurrency

Buy crypto now

Dear customer,

We use cookies to provide our services correctly and safely. Cookies are small text-based data sets that shall be saved on the device you are using in connection with the use of this instnat website. Cookies are created in order to ensure proper functioning of thes instant website. By clicking the button "I accept and go to the website", you implicitly agree to creation of the cookies on your computer and to deploy automatic tracking and data collection and processing on behalf of the Lushup Holdings FZ LEE. Click the above-captioned button is also tantamount to accepting website's privacy policy. Closing the notification by means of "X" is unequivocally connected with your consent. If you do not agree to any of the above, please discontinue using our Website.

“Cookies” shall make an identification of the software used by you and to customization of this instant website to your needs. Cookies contain the name of the domain from which they origin, duration of period of their storage on your computer and an assigned value.

Third party cookies:
We also use third-party cookies for the following purposes:

  • creating statistics - helping to understand the way Users use the Website, which allows to improve its structure and content with use of the analytical tools
  • defining a user profile - in order to display custom-tailored content in advertising networks.

External entities that might be source of any third-party cookies on this instant Website are as follows:

Using a settings of your web browser or by using pre-set configuration tools available in our service you can independently and at any time change the settings concerning your use of the “cookies”, specifying the conditionsof their storage and how your device is creating and downloading them. These settings can be changed to block the automatic handling of cookies in the settings of your web browser or inform about their placement on your device each time.

Detailed information about the options related to use of “cookies” is available in the settings of your software (web browser).

Service privacy policy

This instant document lays out the principles of the Privacy Policy on the website (hereinafter referred to as the "Website" or "Service"). The administrator of the Website is Lushup Holdings FZ LEE, Fujairah - Creative Tower, P.O.Box 4422 Fujairah, United Arabs Emirates.

The full document to read the Tokeneo privacy policy is available in this document.

Advanced settings can be changed in your browser.