Vikram Pandit: all banks will think about crypto trading

The ex-head of Citigroup predicts the growth of banks' interest in cryptocurrencies.

Vikram Pandit, chairman of The Orogen Group and former CEO of Citigroup, is convinced that soon all major financial institutions will think about trading cryptocurrencies, Bloomberg reports.

Pandit said at the Singapore Fintech Festival that in one to three years, every large bank and, or securities firm is going to actively think about trading and selling cryptocurrency assets.

He also expressed the hope that central banks will recognize the benefits of central bank digital currencies (CBDCs) and move on to accepting and adopting them.

Moving money around the world while trying the modernize a paper-based banking system is “cumbersome” and creates a lot of “deadweight” cost, Pandit said.

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