President Biden announced the nomination of Ajay Banga as President of the World Bank – former Chief Executive Officer of Mastercard who’s been historically critical of the crypto industry.

“Ajay is uniquely equipped to lead the World Bank at this critical moment in history,” wrote Biden in his statement. “Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”

Established in 1944, the World Bank is an international financial institution that works alongside the International Monetary Fund (IMF) to provide loans to low and middle-income countries with the aim of promoting development. In addition to this, it also extends loans to NGOs and environmental groups.

 Banga has historically been opposed to the crypto space. Five years ago, Banga called cryptocurrencies “junk,” arguing that they don’t deserve to be considered as a medium of exchange. Banga stated:

“I think cryptocurrency 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.”

In 2020, Banga said that Bitcoin won’t help bank the unbanked.

“Bitcoin per se is volatile in its valuation,” Banga said, adding, “Can you imagine someone who is financially excluded trading in a way to get included through a currency that could cost the equivalent of two Coca-Cola bottles today and 21 tomorrow? That’s not a way to get them included. That’s a way to make them scared of the financial system.”