MasterCard CEO Ajay Banga described bitcoin as “junk”.

He made that statement in the interview for The Economic Times.

“If the government creates digital currency, we will find a way to be in the game. We will provide rails for moving currency from customer to merchant. The government mandated digital currencies are interesting. Non-government mandated currency is junk,” he said.

Ajay Banga based that opinion on the issue of stability of unregulated digital cryptocurrency.

“If I pay for a bottle of water in bitcoin, one day it is two bottles for a bitcoin the other day it is 9,000 bottles. This does not work. Any currency needs stability and transparency, otherwise you will get all the illegal activities in the world,” stated MasterCard CEO.

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