Mastercard CEO is not interested in Bitcoin and prefers CBDC

Charlie Taylor

Bitcoin is winning the hearts and minds of many of its former critics like Michael Saylor and Jordan Belfort. But Mastercard CEO Ajay Banga remains unenthusiastic about cryptocurrency.Banga recently said in an interview to Alan Murray of Fortune, who was not particularly interested in Bitcoin, giving preference to central bank digital currencies (CBDCs) and stablecoins ( tokens backed by fiat currencies): “Central bank digital currencies are really interesting. Stablecoins a little less. Bitcoin, not really. ”Banga has repeatedly attacked Bitcoin in the past. He said that the overly volatile cryptocurrency could not be used as a tool for financial inclusion last year:


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“Can you imagine someone who is financially excluded negotiating to be included through a currency that could cost the equivalent of two bottles of Coca-Cola today and 21 tomorrow? This is not a way to include them. It is a way to scare them off with the financial system. ”

In 2017, Banga called Bitcoin-like cryptocurrencies "junk" because of their mercurial nature and illicit use cases. At the same time, Banga has been promoting CBDCs for years, claiming that they will be a much better option for playing the unbanked. .See too: Bitcoin surpasses Mastercard in market value

No, Bitcoin will not be on the Mastercard network

In a blog post published in February, Mastercard said it would support selected cryptocurrencies on its network. Now, however, it is clearer that it will be just stablecoins and perhaps other centralized tokens:

“To be completely clear, not all cryptocurrencies today will be supported on our network. Although stablecoins are more regulated and more reliable than in the recent past, many of the hundreds of digital assets in circulation still need to restrict their compliance measures, so they will not meet our requirements. ”

Although CNN published an article about Mastercard allowing merchants to accept Bitcoin, the company's vice president, Ann Cairns, later clarified that this was not the case:

“Bitcoin does not behave like a payment instrument. It is very volatile and takes a long time to make transactions. ”

Visa takes a pro-Bitcoin stance

Notably, Visa, the global leader in payment technology, is taking an almost opposite approach to Bitcoin. CEO Al Kelly recently revealed that Visa planned to allow the purchase of the main cryptocurrency, calling it “digital gold” in a Fortune podcast earlier this month. During the conversation, Kelly said he is smart enough to invest in Bitcoin . He explained the rationale behind Visa's decision to be more deeply present in the cryptocurrency market:

“What I like most about our business, Alan, is that we don't choose winners and losers. You know, as you and I sit here and talk today, I don't know how far cryptocurrencies are going to take off. Shall we say in five years that it was a fad and not a big deal? Or will it be extremely popular? I'm not smart enough to know, but what I'm smart enough to do is make sure that our company is in the middle of it today. ”

But what is your opinion regarding the positions of the CEO of Mastercard and Visa? Which company is making the best decisions right now? Leave your comment below.

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