The extensive creation and unfolding of cryptocurrencies are “absolutely inevitable” as the international payments system evolves, according to the CEO of a British based bank, Standard Chartered.
In a report credited to CNBC Standard Chartered CEO, Bill Winters, disclosed the role such innovation would bring on fiat currencies.
“I think there is absolutely a role for central bank digital currencies as well as non-central bank-sponsored digital currencies,” the Finance Chief said today.
He also disclosed the bank was set to reveal further news “along these lines” in the coming days.
Digital currencies could be created for specific types of projects, such as trading in the voluntary carbon market, for example, suggested Winters. That would provide users, who want to offset their carbon emissions confident that the financing behind their project is “verified, standardized, and monitored,” Winters said.
“These kind 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,” he added.
What you should know about crypto adoption
- Recall Nairametrics, some days back revealed how Standard Chartered, Bank of America, Santander, and Barclays are fast adopting Ripplenet a blockchain technology created by Ripple for international transactions worldwide.
- Such technology is following hard on the heels of its arch-rival and traditional banking payment system, SWIFT, with its fast-rising payment network, better known as Ripplenet.