Citi Says All Central Banks Should Go Digital

All major financial institutions will soon consider trading cryptocurrencies, according to Vikram Pandit, chairman of The Orogen Group and former CEO of Citigroup Inc.

“Every major bank or securities business would be thinking about trading cryptocurrencies in a year or two,” Pandit stated at the Singapur Fintech Festival.

Wall Street is enthusiastic about this idea.

After years of forsaking digital currencies, some Wall Street behemoths are resurrecting the concept. JPMorgan Chase & Co. and Bank of America are among the American banks that have already begun trading cryptocurrencies.

Goldman Sachs Group Inc. has started trading cryptocurrency futures, while the Commonwealth Bank of Australia stated last week that customers will be able to buy, trade, and retain cryptocurrency assets.

“I sincerely hope that central banks all around the world will recognise the advantages of digital currency and adopt it.” “Trying to update a paper-based banking system while moving money around the world is laborious and entails a lot of dead money,” Pandit added.

The emergence of cryptocurrencies has prompted central banks to investigate the possibility of using them. El Salvador was the first country to recognize Bitcoin as legal tender, and Nigeria was the first to introduce digital cash.