The India-born head of the American multinational financial services corporation voiced concern that 95 per cent of all illegal transactions on the dark web, including child prostitution, drugs, credit card and social security fraud, are paid for using crypto-currency.
"I think crypto-currency is junk....The idea of an anonymized currency produced by people who have to mine it, the value of which can fluctuate wildly - that to me is not the way that any medium of exchange deserves to be considered as a medium of exchange," Mr Banga said in New York.
"It makes you more innovative more creative. You don't have the same blind spots and you benefit as a human being." He said it is a "shame" to surround oneself with only one kind of people.
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