Every Major Bank Will Actively Consider Crypto In 1-3 Years, Says Former Citi CEO – Bitcoin News Settlement

[ad_1]

A former Citigroup CEO said every major bank and securities firm would consider crypto trading or services within one to three years. He also hopes central banks around the world will embrace digital currencies.

Former Citi CEO expects all major banks to embrace crypto in 1-3 years

Indo-American banker Vikram Pandit, former CEO of Citigroup, spoke about the prospects for cryptocurrency and central bank digital currencies (CBDCs) at the Singapore Fintech Festival event last week.

Pandit became the CEO of Citigroup in December 2007 and led the US bank during the financial crisis. Prior to Citi, he joined Morgan Stanley in 1983 and eventually became President and Chief Operating Officer of the firm’s institutional securities and investment banking business. He co-founded the investment firm Orogen in 2016, where he is currently President and CEO.

He explained at the fintech conference that all major financial institutions will soon be thinking about trading or providing cryptocurrency services, stating:

[In] one to three years, each major bank and / or brokerage house will actively think about “shouldn’t I also be trading and selling cryptocurrency assets?” “

A growing number of large banks are getting involved in crypto, including Commonwealth Bank in Australia, Siam Commercial Bank in Thailand, US Bank and DBS in Singapore.

Major investment banks have also started offering crypto investments to their clients, including JPMorgan, Morgan Stanley, and Goldman Sachs.

Additionally, the payment giants, including Visa, Mastercard, and Paypal, all have several ongoing crypto projects.

Regarding central bank digital currencies (CBDCs), Pandit said moving money around the world while trying to modernize a paper banking system is “cumbersome” and creates a lot of “windfall” costs. , Bloomberg reported.

He envisions “a central bank digital currency, which is available to you and me, as well as to all other retail players around the world,” adding:

My great hope is that central banks around the world understand the benefits of a central bank digital currency and move on to accept them, embrace them.

A growing number of central banks around the world are considering launching their own CBDCs. According to the Atlantic Council’s CBDC tracker, 87 countries are currently exploring a CBDC. Of these, seven have been launched, 17 are being piloted, 15 are under development and 39 are under research.

Do you agree with the comments of the former CEO of Citigroup? Let us know in the comments section below.

Tags in this story big banks, CBDC, central bank digital currencies, Citi, citi bitcoin, citi crypto, citi cryptocurrency, CitiBank, CitiGroup, big banks, big banks, securities companies, Vikram Pandit, Vikram Pandit bitcoin , Vikram Pandit crypto, Vikram Pandit cryptocurrency

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

[ad_2]