Fun

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

News Feed - 2021-11-14 10:11:28

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. India"s Central Bank RBI Reiterates "Serious Concerns" About Crypto — Governor Doubts Reports on Indian Crypto Investors REGULATION | 2 days ago Indonesia"s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Muslims REGULATION | 3 days ago 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. Read disclaimerShow comments

News Feed

Turner Wright2 hours agoRipple legal team opposes SEC appeal over XRP decisionLawyers argued the SEC’s grounds for an appeal was based on “dissatisfaction” with a July court decision that the XRP token did not larg
Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation
Stablecoin Supply Plummets After Depegging Event: $7.4B Dollar-Pegged Tokens Withdrawn From Circulation During the past 11 days, over 7 billion USDC stablecoins have been withdrawn
Microsoft Is Testing an Ethereum Wallet in Its Edge Web Browser
Microsoft Is Testing an Ethereum Wallet in Its Edge Web Browser Microsoft, the software conglomerate, has introduced an Ethereum-based cryptocurrency wallet in the testing version
Renault Inks Partnership With The Sandbox to Bring Automotive Experiences to the Metaverse
Renault Inks Partnership With The Sandbox to Bring Automotive Experiences to the Metaverse The Korean subsidiary of Renault, a historic brand in the automotive industry, is establi
‘Baby AGI’ could be a reality in early 2025: SingularityNET founder
Andrew Fenton8 hours ago‘Baby AGI’ could be a reality in early 2025: SingularityNET founderThe “complete toolset” to making the precursor to a fully functioning Artificial General Intelligence might be only about
Joe Hall6 hours agoThe Truth Behind Cuba’s Bitcoin Revolution: VideoCointelegraph’s latest documentary takes viewers to Cuba, the land of classic cars, communism, hyperinflation and Bitcoin.4335 Total views17 Total s
Derek Andersen3 hours agoIMF sees climate change, DAOs, CBDC as threats to Marshall Islands, urges reformsEntering the crypto economy is not a good idea for a country with “capacity constraints” and no central bank,
Tokenized Gold Market Caps Grew Significantly Last Month as Fresh Demand Drives Premiums
Tokenized Gold Market Caps Grew Significantly Last Month as Fresh Demand Drives Premiums While gold tapped an all-time high (ATH) this year surpassing $2K per ounce, the top tokeni
Visual Interpretation of Bitcoin’s Supply Shows the Digital Asset’s Unique Scarcity
Visual Interpretation of Bitcoin"s Supply Shows the Digital Asset"s Unique ScarcityThe Bitcoin network has recently crossed over the 18.5 million mark, as far as the number of bitco
Helen Partz10 hours agoBitcoin mining restricted to legal entities in Uzbekistan — RegulatorsCryptocurrency mining in Uzbekistan can only be carried out by legal entities using solar power, the local crypto watchdog ha
Polygon’s ZK-rollup Ethereum scaler Miden hits testnet
Martin Young2 hours agoPolygon’s ZK-rollup Ethereum scaler Miden hits testnetThe Ethereum layer-2 scaling solutions provider is going up against StarkWare’s tech stack Starknet.793 Total views1 Total sharesListen to
Bitcoin and gold broke new price records on the same day
Helen Partz14 hours agoBitcoin and gold broke new price records on the same dayThe new all-time highs marked the first time Bitcoin and gold hit new records simultaneously since the emergence of BTC.3523 Total views41 To