Mastercard CEO Ajay Banga had some interesting things to say about the Libra Association.
Speaking to the Financial Times, Banga said that compliance concerns were the primary reason his company pulled out of the project, saying that several key members just wouldn’t commit to know your customer (KYC) and anti-money laundering (AML) regulations.
Another reason was his dissatisfaction with Libra’s business model. “When you don’t understand how money gets made,” he said. “It gets made in ways you don’t like.”
He also didn’t like how Libra transitioned from a financial inclusion tool to a digital wallet, saying “it went from this altruistic idea into their own wallet. I’m like: ‘this doesn’t sound right.’”
That said, Banga likes the idea of a global currency.
Photo: Global Entrepreneurship Summit