Citigroup Inc. former CEO Says Banks will begin Crypto Trading within 3 years

Vikram Pandit, the former Chief Executive Officer (CEO) of CItigroup Inc., said that most of the financial institutions, including central banks, would start the crypto trading facility because of the uniqueness and decentralized nature, and investible growth of the industry.

While speaking at the Singapore Fintech Festival, Pandit told New York-based company Bloomberg, that this financial shift will be implemented sooner or later, most probably within three years from now. He stated:

“In one to three years, every large bank and, or securities firm is going to intensively think that they should also be trading and selling cryptocurrency assets.”

Notably, Pandit has been highly active in the crypto world with investments in decentralized crypto businesses, including Coinbase Inc. and Alchemy Insights Inc. He, during the talk, also emphasized the significance of Central Bank Digital Currencies (CBDCs) and called them a “major hope.” 

Central Banks stay divided on decentralized crypto and CBDCs

Pandit explained that amidst the economy gearing to step into Web3, it is crucial for central banks around the globe to accept and adopt the new technologies in the form of CBDCs, if not the decentralized crypto. 

While many big players, including Pandit support both, the decentralized nature of crypto and CBDCs, but the central banks around the world have different opinions while opting for the two options. On one side, countries like El Salvador are choosing Bitcoin as their legal tender and growing exceptionally; other countries like China are completely banning any crypto activities altogether. 

The adoption of crypto has been seen as an amazing decision for many countries. It is evident from El Salvador’s president Nayib Bukele’s recent tweet citing the country’s financial success. As TheCoinRise reported, the government has announced the construction of 20 schools from the profits made by Bitcoin alone.

The experts say it is just the initial phase of the crypto adoption, and Pandit’s statements intensify these discussions.