Citigroup CEO discusses helping central banks create CBDCs

The financial conglomerate Citigroup is helping governments of various countries in creating central bank digital currencies (CBDCs). This was stated by the organization’s chief executive Michael Corbat in an interview with Bloomberg two months before his departure.

In his view, the emergence of CBDCs is the inevitable future. He did not specify which central banks had availed themselves of the group’s services.

Corbat linked the future of cryptocurrencies to the foundational character inherent in each asset.

“I think some of them will remain alternatives and payment means that people will use, relying on the underlying concept that underpins them,” said the Citigroup CEO.

In February 2021, Michael Corbat will depart from one of Wall Street’s largest financial firms after 37 years. He has held the CEO post since 2012.

Jane Fraser will become Citigroup’s new chief executive.

In 2017, Corbat described cryptocurrencies as a ‘real threat’ to the traditional financial system and suggested that governments’ response would be the creation of sovereign digital assets.

In 2019, the financial conglomerate declined to issue a cryptocurrency token in favor of technological solutions from the SWIFT system.

In November 2020, Citibank managing director Tom Fitzpatrick described Bitcoin as digital gold of the 21st century.

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