According to the former Citi CEO, all major banks will actively consider cryptocurrencies within one to three years.

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The former Citigroup CEO said all major banks and securities firms will consider trading cryptocurrencies or related services within one to three years. He also expects central banks around the world to embrace digital currencies.

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The former Citi CEO predicts that all major banks will adopt cryptocurrencies within one to three years.

Indian-American banker Vikram Pandit, a former CEO of Citigroup, spoke about the prospects for cryptocurrencies and central bank digital currencies (CBDC) at an event at the Singapore Fintech Festival last week.

Mr. Pandit became CEO of Citigroup in December 2007 and led the US bank during the financial crisis. Before joining Citi, he joined Morgan Stanley in 1983 and became President and Chief Operating Officer of Investment Banking and Institutional Securities. In 2016, he co-founded Orogen Investment Company, of which he is currently Chairman and CEO.

At a fintech conference, he explained that all major financial institutions will soon consider trading cryptocurrencies or providing crypto-related services, saying:

“Within one to three years, all the big banks or securities firms will actively think about the question: ‘Shouldn’t we also trade and sell crypto assets? “.

A growing number of large banks are getting involved in cryptocurrencies, including Commonwealth Bank of Australia, Siam Commercial Bank of Thailand, US Bank, and DBS of Singapore. Large investment banks have also started offering crypto investments to their clients, including JPMorgan, Morgan Stanley, and Goldman Sachs. Additionally, payment giants such as Visa, Mastercard, and Paypal have launched various cryptocurrency projects.

Regarding central bank digital currencies (CBDC), Pandit said that transferring money across borders in order to modernize the banking system “on paper” will be clumsy and will lead to many unnecessary costs. He envisions “a central bank digital currency that would be available to you, me, and all other retail participants around the world,” adding:

“I really hope that central banks around the world understand the benefits of a central bank’s digital currency and decide to adopt it. “

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 CBDC. Seven have been launched, 17 are in the pilot phase, 15 are in development and 39 are in research.

Do you agree with the comments of the former CEO of Citigroup?

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All content in this article is provided for informational purposes only and does not constitute investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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