'Absolutely Inevitable': Standard Chartered Bank CEO Sees Widespread Cryptocurrency Adoption

‘Absolutely Inevitable’: Standard Chartered Bank CEO Sees Widespread Cryptocurrency Adoption

Standard Chartered Bank CEO Bill Winters sees the adoption of digital currencies as “completely inevitable.” He says there’s a position for each personal digital currencies and state-backed ones. His financial institution subsequently broadcasts that it’s launching a crypto custody service, supporting plenty of cryptocurrencies together with bitcoin, bitcoin money, and ethereum.

Standard Chartered Bank CEO Sees Opportunities in Cryptocurrencies

The chief govt officer of Standard Chartered, Bill Winters, shared his views on digital currencies at Singapore’s annual Fintech Festival this week. Headquartered in London, Standard Chartered is a big British monetary providers firm with about 1,026 branches worldwide.

Winters was appointed Group Chief Executive of Standard Chartered PLC in June 2015 and Chief Executive of Standard Chartered Bank in April final yr. Beginning his profession with JP Morgan, he beforehand served as an advisor to the British Parliamentary Commission on Banking Standards.

The Standard Chartered Bank CEO was quoted by CNBC as saying on Monday:

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I believe there may be completely a task for central financial institution digital currencies in addition to non-central bank-sponsored digital currencies.

He famous that the digital foreign money rollout could be led by each personal and government-backed entities, including that his financial institution will quickly announce some information “alongside these strains.”

Following his feedback, Standard Chartered introduced Wednesday that it has partnered with asset servicing supplier Northern Trust to launch a cryptocurrency custodian service for institutional traders. The platform plans to help bitcoin, ethereum, XRP, litecoin, and bitcoin money.

Winters additional defined on the Fintech Festival that he sees the most important alternative in digital currencies in “new, area of interest segments that don’t replicate present fiat currencies,” the information outlet conveyed. “The actually attention-grabbing improvement for me is to have currencies that don’t match a foreign money in and of itself, however are meant to seize both a superset of a subset,” the CEO described.

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Winters gave an instance that digital currencies may very well be created for particular tasks, equivalent to buying and selling within the voluntary carbon market, and customers will be assured that the financing behind them is “verified, standardized, [and] monitored.”

He emphasised: “Those kinds of functions for a digital foreign money, and making a digital foreign money ecosystem, is one thing that may’t be replicated by a fiat foreign money, or, most certainly, by a central financial institution digital foreign money any time quickly … I believe there’s a entire new world that’s opening up for us.”

Do you agree with Standard Chartered’s CEO? Let us know within the feedback part under.

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