Motilal Oswal
  • SENSEX
    NIFTY 50
Motilal Oswal
Currency

Mastercard CEO Ajay Banga says cryptocurrency is 'junk'

Updated : July 26, 2018 11:36 AM IST

Terming cryptocurrency as "junk", Mastercard President and CEO Ajay Banga has said an "anonymised" currency that can fluctuate "wildly" does not deserve to be considered as a medium of exchange.
The India-born head of the American multinational financial services corporation voiced concern that 95 percent of all illegal transactions on the dark web, including child prostitution, drugs, credit card and social security fraud, are paid for using cryptocurrency.
A cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Mastercard CEO Ajay Banga says cryptocurrency is 'junk'
primo org
Have you signed up for Primo, our daily newsletter?
It has all the stories and data on the market, business, economy and tech that you need to know.
cnbc two logos
To keep watching CNBC-TV18, India's No. 1 English Business News Channel, call your Cable or DTH Operator and subscribe now for just Rs. 4 per month. You can also subscribe to CNBC-TV18 Prime HD for Re 1/- per month.Find out more

You May Also Like

Live TV