Widespread Rollout of Digital Currencies Is ‘Absolutely Inevitable’

According to Standard Chartered CEO Bill Winters, widespread creation and mass rollout of digital currencies is “absolutely inevitable” due to the evolution of the international payments system. Winters brought out that notion about cryptocurrency adoption during his speech at the Singapore FinTech Festival. According to him, the scope of extensive rollout encompasses both state-backed and private electronic currencies.

“I think there is absolutely a role for central bank digital currencies as well as non-central bank-sponsored digital currencies,” he said during the Monday event.

The finance chief also mentioned that in the next coming days, StanChart would announce further news ‘along these lines.’ Some people are already speculating that the exec wants to announce that the banking giant is in the process of launching its own private digital currency.

Collaborative Effort Needed to Push Digital Currency Adoption

For a long time, Coinspeaker has been reporting how governments globally have been experimenting with the development of various digital currencies. China has been one of the most popular countries in this perspective, having led the way for central banks backed digital currencies, more so when it conducted public trials of its digital yuan.

Private companies have also not been left behind in the quest for seamless money transfer modes. One of those companies, Facebook, has been working on the development of its own digital currency ‘Libra‘ – which was later renamed as Diem – to be an alternative currency to the U.S. dollar.

However, Winters went ahead to underline that the new, niche segments that don’t replicate existing fiat currencies offer the greatest opportunity for digital currencies. In his opinion, what interests him is having currencies that don’t match but are intended to capture a subset’s superset.

The banking CEO also stated that Digital currencies should be created for dealing with specific projects type like making trades in the voluntary carbon market. In case the users want to offset their carbon emissions, they will be sure that their project would undergo a “verified, standardized, monitored” financing process.

He explained:

“Those sorts of applications for a digital currency, and creating a digital currency ecosystem, is something that can’t be replicated by a fiat currency, or, most likely, by a central bank digital currency any time soon.”

While speaking at the annual conference, Winters also stated that there is a whole new world opening for those in the finance sector. Other panelists who took part in the five-day virtual event were AMTD Group chairman and chief executive officer Calvin Choi and Singapore-based DBS Bank’s chief executive officer, Piyush Gupta. All the participants agreed that both public and private bodies should collaborate effectively for the digital currencies rollout to be successful. Gupta brought out a good point that network will build upon central bank digital currencies over the next few years.

Interest in Digital Currencies Is Growing Enormously

The CEO’s comments come amid growing interest in digital currencies emanating from mainstream financial players. Some of the so-called traditional financial giants like PayPal, JPMorgan, and BlackRock earlier on believed that digital currency has no place in the current conventional financial system. Now, they view it as the future of payment and even want to either launch their own private currency or offer cryptocurrency transactions via their platform.

The digital currency sphere has had enormous developments geared towards promoting efficient payments. Ripple partnership with hundreds of banks around the globe to facilitate billions worth of transactions yearly through XRP ledger. JPMorgan created their own private digital currency for internal banking known as JPM Coin. Russia’s largest Bank, Sber, intends to launch its own digital currency pilot next year.

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