Mastercard CEO reveals why the payments giant quit Libra

Mastercard CEO Ajay Banga has revealed reasons why the payments giant quit the Facebook-led Libra stablecoin project.

Firstly, Banga does not understand Libra’s business model. “When you don’t understand how money gets made, it gets made in ways you don’t like,” he told the Financial Times in an interview published Sunday. Concerns about Facebook’s data integrity was another reason.

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