Vikram Pandit, chairman of The Orogen Group and former CEO of Citigroup, is convinced that soon all major financial institutions will think about trading cryptocurrencies.
“In one to three years, every major bank or stock company will be actively thinking, 'Shouldn't we trade cryptocurrency assets too?'” Pandit said at the Singapore Fintech Festival.
He also expressed hope that central banks will recognize the benefits of national digital currencies (CBDCs) and move on to adopting them.
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Trying to modernize the movement of money around the world with a paper-based banking system is "burdensome" and involves "freezing" costs, Pandit said.
As a reminder, in June BIS experts called CBDC a concept, the time for its implementation has come. They also recommended that central banks 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 Central Bank of Japan doubted that there was no alternative to such a form for the national currency.