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Vikram Pandit, an Indian-American banker, has claimed that every major bank around the world will consider crypto services or trading in one to three years. He further added that he hopes that banks will also adopt digital currencies.
Every major bank in the world will consider crypto in 1-3 years:
Last week, Singapore Fintech Festival happened, in which an Indian-American banker Vikram Pandit (Former CEO of Citigroup) spoke about the crypto market and central bank digital currency (CBDCs). He explained at the conference that all major financial institutions will soon be thinking about trading or providing services in crypto. He stated clearly that they will consider crypto in the short time of one to three years. He explained it by saying:
[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?’
However, it isn’t so much difficult to guess such an idea when you see the involvement of large financial institutions in crypto. Large banks like Australia’s Commonwealth Bank, the US Bank, Singapore’s DBS, and Thailand’s Siam Commercial Bank, are already into the crypto business. Major investment banks like JPMorgan and Morgan Stanley are also involved in this Business. When such statistics are on the front then anyone can guess that Banks will consider crypto soon.
Vikram has been CEO of Citigroup in December 2007 and led the firm during the crisis. 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. More than 87 countries are exploring their CBDC, which must be adopted by these banks.
In my opinion, Vikram Pandit has assessed the situation very accurately. The recent worldwide adoption of crypto points out that every firm will consider crypto very soon. For more content please click here.