Standard Chartered Bank CEO: Widespread adoption of digital currency is inevitable

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Bill Winters, CEO of Standard Chartered, believes that the widespread use of digital currencies will be inevitable because both private and government-backed entities will play an important role in the application process.

According to CNBC, he stated at a virtual fintech event held in Singapore on Monday that a new digital world is being opened, and the launch of digital currency will be jointly led by the private sector and government-backed entities. He also stated that the digital world will make the adoption of digital currencies “absolutely inevitable.”

Winters believes that Standard Chartered Bank will soon announce further progress in this area because the international payment system is developing rapidly. He said, “I think the central bank’s digital currency and non-central bank-backed digital currencies will definitely work.”

He also stated that the biggest opportunity for digital currency is in new market segments, and will not copy or replace existing legal tender. In some markets, digital assets can be created for specific projects, such as the carbon trading market. In this case, users who want to trade carbon emissions will believe that these are “verified, standardized and monitored.”

According to a previous report by “Betwee”, Citibank CEO Michael Corbat also recently expressed a similar view, saying that sovereign digital currencies are “inevitable.” Corbat also revealed that Citigroup has been cooperating with governments around the world on the creation and commercialization of digital currencies.