Bill Winters, CEO of Standard Chartered Bank, sees the adoption of digital currencies as “absolutely inevitable.” He says there is a role for both private digital currencies and state-backed currencies. His bank then announces that it is launching a crypto-custody service that supports a number of cryptocurrencies, including bitcoin, bitcoin cash and ethereum.
Standard Chartered Bank CEO sees opportunities in cryptocurrencies
Standard Chartered CEO Bill Winters shared his views on digital currency at the annual Fintech Festival in Singapore this week. Standard Chartered, headquartered in London, is a major British financial services company with approximately 1,026 offices worldwide.
Winters was appointed Group Chief Executive of Standard Chartered PLC in June 2015 and Chief Executive of Standard Chartered Bank in April last year. He started his career at JP Morgan and was previously an adviser to the British Parliamentary Commission on Banking Standards.
Standard Chartered Bank’s CEO was quoted by CNBC on Monday:
I think there is definitely a role for central bank digital currencies and non-central bank sponsored digital currencies.
He noted that the digital currency rollout would be led by both private and government-backed entities, adding that his bank will be announcing news “in this direction” soon.
Echoing its comments, Standard Chartered announced on Wednesday that it has partnered with asset servicing provider Northern Trust to launch a cryptocurrency custodian service for institutional investors. The platform plans to use bitcoin, ethereum, XRP, litecoin and bitcoin cash.
Winters further explained at the Fintech Festival that he sees the greatest opportunity in digital currency in “new, niche segments that do not replicate existing fiat currencies,” the news center said. “The really interesting development for me is to have currencies that do not in themselves correspond to a currency, but are intended to capture a superset of a subset,” described the CEO.
Winters gave an example that digital currencies can be created for specific projects, such as trading in the voluntary carbon market, and users can be confident that the funding behind it is’ verified, standardized, [and] checked. “
He stressed, “Those kinds of uses for a digital currency, and creating a digital currency ecosystem, is something that cannot be quickly replicated by a fiat currency or, most likely, by a central bank digital currency … I think a whole new world is opening up for us. “
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