Fun

DBS CEO Sees Crypto as an Alternative to Gold — Says Central Banks Globally Should Regulate Cryptocurrencies

News Feed - 2022-03-23 12:03:57

DBS CEO Sees Crypto as an Alternative to Gold — Says Central Banks Globally Should Regulate Cryptocurrencies


The CEO of Southeast Asia’s largest bank, DBS, says cryptocurrency “can be an alternative to gold.” He added that regulating crypto “out of the formal banking system is an unwise thing to do.” DBS’ CEO on Cryptocurrency and Regulation


DBS Bank Group CEO Piyush Gupta talked about cryptocurrency and its regulation at the recent Economic Times Global Business Summit. DBS is Southeast Asia’s largest bank by assets. The Economic Times quoted Gupta as saying: I don’t think that cryptocurrencies will become money as we know it, but it can be an alternative to gold and its value.


“The other big challenge [of cryptocurrencies] is volatility in value. If you want to use this to pay for something, you don’t know what it’s costing you,” he elaborated. “Today cryptos are a potential source of speculated value, it’s unlikely that this is a source of money as we know it.”


The executive said that central banks across the world should consider bringing cryptocurrency into the regulated space. He stated: Regulating it out of the formal banking system is an unwise thing to do, as you wish to push it out into the unregulated space and then you have no way of creating any guard rails.


“Nobody knows who owns private money, so it is subject to misuse,” he stressed, adding that this issue is what the governor of the Indian central bank, the Reserve Bank of India (RBI), is so concerned about. He added, “monetary systems across the world have flagged off AML and KYC issues pertaining to crypto.”


The DBS CEO also talked about central bank digital currencies (CBDCs). Noting that “CBDCs come with its own set of challenges, if you go direct, every citizen opens a direct account with the central bank and it disburses the CBDC directly,” the CEO described: The downside of this is it will disintermediate the existing banking system, therefore you make the process of credit creation the onus and responsibility of the central bank alone and they don’t want that.


Gupta’s Bank, DBS, has been offering cryptocurrency services to some clients for quite some time. The bank launched a full-service digital asset exchange in December 2020. Since then, the platform has seen rapid growth in its crypto business. The bank said in February that it plans to launch crypto trading for retail investors this year. Tags in this story CBDC, DBS, DBS CEO, dbs group, Piyush Gupta, Piyush Gupta bitcoin, Piyush Gupta cbdc, Piyush Gupta crypto, Piyush Gupta crypto regulation, Piyush Gupta cryptocurrency


What do you think about the comments by the DBS CEO? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. UK Regulator Issues Crypto Ads Notice to 50 Firms — Says "This Is a Red Alert Priority" REGULATION | 9 hours ago Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleECB Chief: Cryptocurrencies Are ‘Certainly’ Being Used to Circumvent Russian Sanctions Next articleBitYard Officially Partners With Mercuryo to Enhance Crypto Payment Solutions 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 More Popular NewsIn Case You Missed ItAptos, Led by Meta"s Ex-Employees, Gets $200 Million to Build a Scalable Blockchain System


Aptos, a new startup created by some of Meta"s former employees involved in the Diem project, has announced it has raised $200 million for its upcoming goal of creating a scalable blockchain system. The investment, conducted in a strategic funding ... read more.Kazakhstan Shuts Down Over 100 Crypto Mining Farms US Justice Department Returns Stolen Bitcoin to Victim of Government Imposter Scam President Zelenskyy Signs Ukraine’s Law ‘On Virtual Assets’ UAE Hospitality Brand Stella Stays Now Accepts Crypto

News Feed

Elisha Owusu Akyaw11 hours agoHashing It Out podcast: What does the future hold for BNB Chain?Arno Bauer, the senior solution architect at BNB Chain, denies the “Ethereum killer” tag in a discussion highlighting new
Bradley Allgood4 hours agoCBDCs could support a more stable economy — if banks run the showCentral bank digital currencies could confer economic benefits if governments don’t use them to cannibalize the commercial ba
Can Xchange Monster (MXCH) Become Crypto Giants Like Binance Coin (BNB) and Cardano (ADA)?
Can Xchange Monster (MXCH) Become Crypto Giants Like Binance Coin (BNB) and Cardano (ADA)? press release PRESS RELEASE.The cryptocurrency industry has certainly become oversaturated
Cointext Cofounder Unveils BFP Encrypt – Send Encrypted Data to Bitcoin Cash Addresses
Cointext Cofounder Unveils BFP Encrypt - Send Encrypted Data to Bitcoin Cash Addresses Vin Armani, the cofounder of Cointext, has announced the launch of a Javascript library tha
Ethereum co-founders reflect on 10-year anniversary — EthCC
Gareth Jenkinson11 hours agoEthereum co-founders reflect on 10-year anniversary — EthCCEthereum co-founders Vitalik Buterin and Joseph Lubin reflect on the state of the network a decade after its creation.1488 Total vi
Bitcoin.com Local Gathers Steam as Other P2P Markets Falter
Bitcoin.com Local Gathers Steam as Other P2P Markets Falter The bitcoin marketplace Localbitcoins was once the most popular peer-to-peer (P2P) trading platform. But during the la
Ezra Reguerra12 hours ago$750M in locked crypto tokens to be released by DecemberDYdX, Optimism, 1inch and Aptos are expected to release over $750 million in locked tokens by December, according to data tracker Token Unl
Brayden Lindrea5 hours agoColombian Bitcoiner aims to orange-pill coffee lovers one bean at a timeThe CEO of Lightning Koffee launched the coffee startup in October with the aim of onboarding Medellín businesses onto Bi
Tristan Greene5 hours agoVisa launches global AI advisory practice focused on generative systemsVisa’s new artificial intelligence advisory practice will leverage more than 1,000 analysts and consultants around the glo
Zimbabwean Minister Says Cryptocurrency Based Solutions ‘Could Lower Charges for Diaspora Remittances’
Zimbabwean Minister Says Cryptocurrency Based Solutions "Could Lower Charges for Diaspora Remittances" The Zimbabwean minister of finance, Mthuli Ncube, has once again talked up th
UK Police Return $5.4 Million to Cryptocurrency Fraud Victims
UK Police Return $5.4 Million to Cryptocurrency Fraud Victims The U.K. police have returned over $5.4 million to victims of an international cryptocurrency scam. The police say tha
Unique Addresses Tethered to Ethereum Defi Apps Climb Past 3 Million
Unique Addresses Tethered to Ethereum Defi Apps Climb Past 3 Million The number of users or unique addresses leveraging decentralized finance (defi) protocols vi