Former Citigroup CEO Envisions All Banks Adhering to Cryptocurrencies

Cryptocurrency trading should soon be on the list of services of large financial institutions. That's the opinion of Vikram Pandit, chairman of Orogen Group and former CEO of Citigroup. For him, "in one to three years, every major bank or stockbroker will think: 'Shouldn't I trade and sell cryptocurrency assets too?'".

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JPMorgan Chase and Bank of America are some of the US banks that already hire in the crypto sector. The reason is the increased demand for virtual currencies. Goldman Sachs, in turn, started trading cryptocurrency futures. The Commonwealth Bank of Australia offers the purchase, sale and maintenance of crypto assets. Pandit himself already invests in companies in the sector, such as Coinbase and Alchemy Insights.

Image: Reproduction/Unsplash/Art Rachen

Central banks around the world are already evaluating the possibilities of digital currencies. China is testing a prototype , Europe has developed its own solution , the US is creating rules for regulating the sector and even Brazil is evaluating the possibilities of a digital real . El Salvador , meanwhile, became the first country to make Bitcoin official in September.

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Pandit explains that circulating money around the world while trying to modernize the banking system, which is still paper-based, is very expensive. “My hope is that monetary authorities understand the benefits of a digital currency for central banks and start to adopt it”, he ponders.

A recent report by consultancy Oliver Wyman and JPMorgan points out that a network of multiple central bank digital currencies can help save tens of billions of dollars and benefit all participants. Pandit says the future is "a central bank digital currency, which is available to you and me, and all other retail players around the world."

Read the article on Canaltech .

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