Buy/Sell Crypto

Every Large Bank Will Actively Consider Crypto in 1-3 Years, Says Former Citi CEO


A former CEO of Citigroup said that every major bank and securities firm will consider crypto trading or services within one to three years. He also hopes that central banks worldwide will adopt digital currencies.

Former Citi CEO Expects All Major Banks to Embrace Crypto in 1-3 Years

Indian-American banker Vikram Pandit, a former CEO of Citigroup, talked about the outlook 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 U.S. bank during the financial crisis. Prior to Citi, he joined Morgan Stanley in 1983 and ultimately became president and chief operating officer of the company’s institutional securities and investment banking businesses. He co-founded investment firm Orogen in 2016 where he currently serves as the chairman and CEO.

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

[In] one to three years, every large bank and, or securities firm is going to actively think about ‘Shouldn’t I also be trading and selling cryptocurrency assets?’

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

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

In addition, payments giants, including Visa, Mastercard, and Paypal, all have several crypto projects going on.

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

He envisions, “a central bank digital currency, which is available to you and me, and every other retail participant around the world,” elaborating:

My big hope is that central banks around the world understand the benefit of a central bank digital currency, and move on to accept, adopt them.

A growing number of central banks worldwide are exploring launching their own CBDCs. According to the Atlantic Council’s CBDC tracker, 87 countries are now exploring a CBDC. Among them, seven have launched, 17 are being piloted, 15 are under development, and 39 are being researched.

Do you agree with the former Citigroup CEO’s comments? 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, large banks, major banks, securities firms, 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. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. 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 alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



Source

Tags

Share this post:

Share on facebook
Share on twitter
Share on pinterest
Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Posts

THE ONE AND ONLY WAY TO MAKE MONEY IN AUTOMATIC EASILY!

Receive the whole procedure to be able to follow our signals in less than 2 minutes.

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

To access the VIP channel for free and enjoy the benefits of this exclusive channel, just follow these 3 steps:

1. Open a real account with one of our partner brokers necessarily through these links.

⚠️ Select Standard account

2. Make a deposit of at least €500 (€1000/2000 recommended) or more depending on your capital.

Double bonus as a gift! 🎁

        • 1st deposit: 50% bonus offered!
        • 2nd deposit: 20% bonus offered!

*The bonus will of course be added automatically after your deposit. ✅

3. Once done, you can send us the Screenshot of your deposit to support@signaltrading.cryptalite.com to receive the link of the VIP channel 🚀

(If you already have an account with these different brokers, you need to use another ID with another name + email).

Follow Us

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.