Every large bank will actively consider crypto in 1-3 years, says the former Citi-CEO regulation
Every large bank will actively consider crypto in 1-3 years, says the former Citi-CEO regulation
A former CIO CITIGROUP CEO said that every large bank and securities company will consider crypto trading or services within one to three years. He also hopes that the central banks will introduce digital currencies worldwide.
former Citi CEO expects all major banks to be used in 1-3 years of crypto
The Indian-American banker Vikram Pandit, a former CIO of Citigroup, spoke last week at the Singapore Fintech Festival about the prospects for cryptocurrency and digital central bank currencies (CBDCS).
pandit became Citigroup in December 2007 and led the US bank during the financial crisis. Before he came to Citi, he came to Morgan Stanley in 1983 and finally became President and Chief Operating Officer of the company's institutional securities and investment banking business. In 2016 he was a co -founder of the investment company Orogen, where he is currently working as a Chairman and CEO.
A growing number of large banks takes part in crypto, including Australia's Commonwealth Bank , Thailands , US bank , and Singapurs DBS .
Large investment banks have also started to offer their customers crypto investments, including , Morgan Stanley , and Goldman Sachs .
In addition, payment giants, including Visa, MasterCard , and PayPal have all several Crypto projects underway.
In terms of the digital currencies of the central banks (CBDCs), Pandit said that the transport of money around the world is "cumbersome" when trying to modernize a paper -based banking system and causes many "taking costs", reported Bloomberg.
He introduces himself to "a digital central bank currency that is available to you and me and me and any other retail participant all over the world" and explains:
My great hope is that the central banks around the world understand and accept and accept the advantages of a digital central bank currency.
A growing number of central banks worldwide is considering the introduction of own CBDCs. According to the Atlantic Council CBDC-tracker 87 countries currently check a CBDC. Seven of them are at the start, 17 are in the pilot phase, 15 are in development and 39 are in research.
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