February 6

Mastercard Left Libra Association Over Regulatory and Viability Concerns, Says CEO

By Paddy Baker

Ajay Banga, who has been the CEO and president of Mastercard since 2009, told the Financial Times his attitude towards Libra deteriorated as project members proposed linking what was supposed to be a globally inclusive currency to a proprietary digital wallet, Calibra.

“It went from this altruistic idea into their own wallet. I’m like: ‘this doesn’t sound right,’” said Banga.

He said financial inclusion would mean a government is able to pay citizens in a certain currency, which they must be able to understand how to use and must be usable in day-to-day transactions for items like food.

“If you get paid in Libra [coin] . . . which go into Calibras, which go back into pounds to buy rice, I don’t understand how that works,” he said.

Photo courtesy of Håkan Dahlström.

Source: CoinDesk (link opens in a new window)

cryptocurrency, digital finance, financial inclusion