Bitcoin (BTC) and other cryptocurrencies have always played a role in financial markets, but according to CEO Bill Winters, other digital assets such as central bank digital currencies (CBDC) or non-perishable tokens (NFT) are likely to outperform cryptocurrencies. for Standard Chartered.
Speaking at the Standard Chartered conference call, Winters reiterated his claim that “cryptocurrencies are not going anywhere,” and said non-cash currency has a role to play given inflation.
“Overall, we have experienced a long period of low inflation and we have central banks testing in unknown territory with very loose monetary policy,” Winters said, adding:
“It makes perfect sense that people want an alternative to fiat currency.”
While discussing fully decentralized cryptocurrencies is more beneficial than continuing to use managed cryptocurrencies, Winters believes the market will have the final say. “If these instruments have a role in the marketplace, we will have to support them, always with regulatory barriers in mind,” he added.
Related: Billionaires Return Bitcoin Instead of Gold … But Some Say Ethereum Is Better
Winters Bank is known for its positive approach to cryptocurrencies and digital assets. Last month, Standard Chartered joined the Digital Technology Council and the Digital Finance Client Council (GDF). As Cointelegraph reported, the bank will help build contacts with international regulators, legislators and other industry representatives to advocate for digital assets as a member of the GDF.
The British bank is reportedly also planning to launch a cryptocurrency exchange. A June report claimed that Standard Chartered had partnered with Hong Kong-based BC Technology Group to launch a platform for the UK and European institutional market.
Orlando Bravo, co-founder of multibillion-dollar private equity firm Thoma Bravo, recently expressed his confidence in cryptocurrencies, stating, “Crypto is just a great system. It is easy to use. It is decentralized. Young people need their system. ” Private funding. … So he’s here to stay. “