Another prominent traditional financier opposes bitcoin and the cryptocurrency world. Ajay Banga, CEO of MasterCard, has made a stand against non-regulated and non-emitted governmentally cryptocurrencies.

Talking in an interview with the Economic Times, Banga said that MasterCard may be interested only in officially emitted digital currency.

“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 recalled that bitcoin is often used for illicit financial activity and mentioned that cryptocurrencies suffer from high volatility.

“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. Why was the ransom for the virus (wannacry ransomware) collected in bitcoin? Why has China cracked down on bitcoin?”