Vikram Pandit, chairman of The Orogen Group and former CEO of Citigroup, is convinced that soon all large financial institutions will consider trading cryptocurrencies. Bloomberg reports.
Within one to three years, every major bank or publicly traded company will be actively considering: ‘Should we also trade cryptocurrency assets?’ — Pandit said during the Singapore Fintech Festival.
He also expressed hope that central banks recognise the advantages of national digital currencies (CBDC) and move toward their adoption.
According to Pandit, the attempt to modernise moving money in the world of a paper-based banking system is ‘burdensome’ and entails the ‘deadening’ of costs.
In June, BIS experts named CBDC as a concept whose time has come. They also recommended central banks to accelerate the development of digital currencies.
Earlier, the ECB warned central banks about the risks of losing monetary sovereignty in the absence of their own CBDCs. However, the Bank of Japan doubted the inevitability of such a form for the national currency.
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