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Citigroup Chief Says The Bank Helps Governments Build CBDCs

Citigroup Chief Executive Michael Corbat, explained that the bank is helping a lot of governments across the world to create their own sovereign digital currency is known as central bank digital currencies- CBDCS. In our latest altcoin news today, we…

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Citigroup Chief Executive Michael Corbat, explained that the bank is helping a lot of governments across the world to create their own sovereign digital currency is known as central bank digital currencies- CBDCS. In our latest altcoin news today, we find out what more he had to say.

Speaking to David Rubenstein, the Citigroup chief executive made clear that CBDCs are “inevitable” development in the near-future development of money. CitiGroup is a multinational banking giant and is helping bring this future closer, as he said:

 “We’ve been working with governments around the world in terms of the creation and commercialization of sovereign digital currencies.”

However, Corbat didn’t say much on Citigroup’s government partners but a spokesperson of the bank Danielle Romero Apsilos, said that the bank is “actively participating” in CBDC consultations that are held by the central banks:

 “As a significant practitioner in the payments market with connections to over 200 clearing systems, Citi is providing experience-based insights into the design choices involved in the formulation of digital currencies.”

Citigroup’s press office didn’t comment further on the extent of the partnership. However, it is clear that crypto assets will play a huge role in the age of CBDCs as Corbat explained. He said that “some of these currencies will be continued alternatives, continued different sources of payment that people can take advantage of based on the underlying nature of what they are.”  The latest disclosure revealed that Citigroup is the latest private-sector company active in developing public sector digital currencies. Visa and Mastercard were the other two companies that launched a CBDC initiative in the past year.

A while back, Corbat predicted that central bank digital currencies will arise as the direct response to the threat posed by BTC and his bank has been researching them since 2014.

As recently reported on Citibank, Citibank predicts 20% dollar crash but also believes that the Bitcoin bull market will continue in 2021. Citi analyst Calin Tse explained the prospects of a weaker US Dollar in his research and said that it could fall by about 20% in 2021 because of the risks induced by the COVID-19 vaccine arrival as well as the stimulus program by the Federal Reserve.

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