Former Citigroup Leader Predicts Explosion of Interest of Banks in Cryptocurrencies

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Vikram Pandit, chairman of The Orogen Group and former CEO of Citigroup, is convinced soon all major financial institutions will think about trading cryptocurrencies, Bloomberg reports.

Pandit said at the Singapore Fintech Festival:

“In one to three years, every major bank or stock company will be actively thinking, ‘Shouldn’t we trade cryptocurrency assets too?'”

He has also expressed hope that central banks will recognize the benefits of national digital currencies (CBDCs) and move on to adopting them.

Trying to modernize the movement of money around the world with a paper-based banking system is “burdensome” and involves “freezing” costs, Pandit said.

In June, BIS experts called CBDC a concept and that the time for its implementation has come. They also recommended central banks accelerate the development of digital currencies.

The ECB had earlier warned central banks about the risks of losing monetary sovereignty in the absence of their own CBDCs. However, the Central Bank of Japan doubted there was no alternative to such a form for the national currency.

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