{"id":99160,"date":"2020-10-28T05:21:39","date_gmt":"2020-10-28T02:21:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-cant-help-bank-the-unbanked-claims-mastercard-ceo\/"},"modified":"2020-10-28T05:21:39","modified_gmt":"2020-10-28T02:21:39","slug":"bitcoin-cant-help-bank-the-unbanked-claims-mastercard-ceo","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-cant-help-bank-the-unbanked-claims-mastercard-ceo\/","title":{"rendered":"# Bitcoin can’t help bank the unbanked claims Mastercard CEO"},"content":{"rendered":"

“# Bitcoin can’t help bank the unbanked claims Mastercard CEO <\/strong>”
\n<\/p>\n

Bitcoin cannot function as an inclusive currency for the unbanked due to its volatility, Mastercard CEO Ajay Banga said<\/a> during Tuesday\u2019s Fortune Global Forum conference<\/a>. He also cited a lack of knowledge about who is behind the cryptocurrency as concerning.<\/p>\n

\u201cI am not a believer in the volatility or, for that matter, the absence of transparency in who is the person who\u2019s involved with that currency. So, that\u2019s why central bank digital currencies, we\u2019re believers in.\u201d<\/p><\/blockquote>\n

Banga also revealed that Mastercard has a significant patent library relating to CBDCs, which may help explain why he’s so positive towards them.<\/p>\n

Asked about Bitcoin (BTC) as a potential solution to financial inclusion, Banga claimed that the cryptocurrency doesn\u2019t fulfill the requirements for the unbanked, using a bizarre example about Coke bottles to illustrate its price volatility:<\/p>\n

“Can you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola<\/a> bottles today and 21 tomorrow? That’s not a way to get them [included]. That’s a way to make them scared of the financial system.”<\/p><\/blockquote>\n

He believes that if fiat currencies were to go digital they would \u201chelp with cross-border traded flows,\u201d however, he added that \u201cfinancial inclusion for individuals is a very different thing.\u201d <\/p>\n

He has held a strong view against the opacity of cryptocurrencies for years calling any non-government mandated cryptocurrencies junk in 2017, and even comparing them to \u201csnakes\u201d in 2018, saying that they don\u2019t \u201cdeserve\u201d to be considered a medium for exchange.<\/p>\n

However, Mastercard has publicly stated it is open to state-issued digital currencies. <\/p>\n

And in 2019, Mastercard app<\/a>eared to be taking a more open stance towards cryptocurrencies by being one of the founding members of Facebook<\/a>\u2019s Libra project. But in October last year, the payment provider left the project along with Visa, Strip<\/a>e, and Paypal, citing a lack of transparency among the core reasons for its departure.<\/p>\n

Putting its money where its mouth is, the CEO confirmed that Mastercard has \u201cinvested a considerable amount of money\u201d in CBDCs, adding:<\/p>\n

\u201cToday, we\u2019re one of the largest patent holders in the space of central bank digital currencies.\u201d<\/p><\/blockquote>\n

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 \u201ccross-border transactions flows.\u201d The tool simulates various types of transaction environments to let central banks evaluate CBDC use cases. It is still unclear which banks are using the tool.<\/p>\n<\/div>\n

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For forums sites go to Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n

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If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# 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\u2019s Fortune Global Forum conference. He also cited a lack of knowledge about who is behind the cryptocurrency as concerning. \u201cI am not a…<\/p>\n","protected":false},"author":1,"featured_media":99161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/11a5a49c-c44a-43a5-aa01-e336c9f12b82.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,75046,77423],"class_list":["post-99160","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cbdc","tag-mastercard"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=99160"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99160\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/99161"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=99160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=99160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=99160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}