Bitcoin can't help bank the unbanked claims Mastercard CEO
Bitcoin cannot function as an inclusive currency for the unbanked due to its volatility, Mastercard CEO Ajay Banga said during Tuesday’s Fortune Global Forum conference. Asked about Bitcoin (BTC) as a potential solution to financial inclusion, Banga claimed that the cryptocurrency doesn’t fulfill the requirements for the unbanked, using a bizarre example about Coke bottles to illustrate its price volatility:
He believes that if fiat currencies were to go digital they would “help with cross-border traded flows,” however, he added that “financial inclusion for individuals is a very different thing.”.
And in 2019, Mastercard appeared to be taking a more open stance towards cryptocurrencies by being one of the founding members of Facebook’s Libra project. Putting its money where its mouth is, the CEO confirmed that Mastercard has “invested a considerable amount of money” in CBDCs, adding:
The CBDC sandbox released in September this year by Mastercard, Banga stated, allows for central banks and commercial banks to explore CBDCs together for use-cases like “cross-border transactions flows.”
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