'When you don't understand how money gets made, it gets made in ways you don't like.'
Ajay Banga signed up Mastercard to support Facebook’s digital currency and network, but dropped out – along with Visa, eBay, PayPal, and other partners –. One reason was Libra’s leaders wouldn’t commit to abiding by laws around knowing their clients, money laundering, and data management, he told the newspaper.
It was also unclear to Banga how Libra would generate revenue, stoking his fears that it would make money in unscrupulous ways. „When you don’t understand how money gets made, it gets made in ways you don’t like,“ he told the Financial Times.
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