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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'
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