Indian Internet ‘Blockchain Committee’ Attracts Reps From Zebpay, MasterCard, Microsoft

The Internet and Mobile Association of India (IAMAI) is forming a dedicated focus group for blockchain exploration made up of both big business and cryptocurrency players, Indian daily newspaper Economic Times reported Monday, Oct. 15.

Confirmed in a tweet Tuesday, the IAMAI, whose remit is to “expand and enhance” the online and mobile sector,

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Mastercard CEO Calls Crypto “Junk” for Lack of Transparency and Stability

The president and CEO of Mastercard has called cryptocurrencies “junk,” arguing that they don’t deserve to be considered as a medium of exchange.

Ajay Banga was making his comments at the New India Lecture organized by the Indian Consulate in New York in partnership with the U.S.-India Strategic Partnership Forum (USISPF). His remarks come after the news that Mastercard secured a potentially game-changing digital currency patent capable of allowing virtual and fiat currency transactions on the same network.

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Mastercard CEO Calls Anonymous Cryptocurrencies 'Junk,’ Again

Ajaypal Banga, the CEO of Mastercard, blasted cryptocurrencies during the “New India Lecture” at the Indian Consulate earlier this week, The Times of India reports Thursday, July 26. Banga described anonymous, non-state-issued cryptocurrencies as “junk,” because their prices can fluctuate “wildly” and thus they do not “deserve” to be considered a medium of exchange.

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Mastercard Patents a Method to Manage Cryptocurrency “Fractional Reserves”

Technology

Mastercard has patented a method to manage cryptocurrency “fractional reserves”. The big idea behind it seems to be that users will be able to pay with fiat on credit cards partly backed by crypto assets using a centralized system offering faster transaction conformation speeds.

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