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Mastercard CEO Ajay Banga claimed that cryptocurrencies were "undesirable", condemning their anonymity and their ability to trade illegally on the dark web
think that crypto-currency currency is undesirable. The idea of an anonymized currency produced by people who have to exploit it, whose value can fluctuate enormously – this does not seem to me … to be considered as a means of exchange. "
Banga: Credit Cards, Not Crypto [19659005] Banga argues instead for credit cards and other centralized electronic payment systems Cryptocurrency is not the only target; Banga has also declared a In fact, the Indian government has demonetized some rupee denominations to reduce crime and counterfeiting, stating that this is an important issue.
Banga says credit cards can hinder crime, noting that drugs are not paid with credit cards 19659002] "Do you really believe that [drugs] comes in exchange for a credit card payment? They come in exchange for money and yet the company buys in logic that money is free and electronic payments are expensive. Society needs to wake up. "
But not all crimes are the same.It is worth noting that in the case of fraud, credit cards are not so innocent: in Australia, for example, we know that fraud by credit card accounts for 78% of online fraud, of course there is no cryptographic fraud either.
The price volatility of cryptocurrency is also a real phenomenon, although not As universal as Banga suggests, although cryptocurrency "fluctuates wildly," in some cases it is a relatively stable option.People in Zimbabwe, for example, have adopted Bitcoin during a crisis. hyperinflation before the country forbids it.In addition, stable coins like Tether and Stasis – which have their value linked to a fiduciary currency – are a growing trend.
A War on Encryption
Credit cards and cryptocurrency have been at war for a long time. d and VISA have charged fees on certain cryptocurrency transactions. Mastercard has also filed a patent for a crypto payment network that would apply existing security monitoring to crypto transactions.
Meanwhile, a recent failure of VISA has prompted cryptographic companies to promote cryptocurrency as an alternative. The wallet of Trezor tweeted "# Visa is out of order .No problem. We have #Bitcoin," only to be received with almost universal mockery in comments to the suggestion that Bitcoin was also widely usable than Visa.
Perhaps this is as much a war on the users and the adoption as on the principles. 19659014]
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