Standard Chartered Bank CEO Says Digital Currencies Will ‘Inevitably’ Become Mainstream
Standard Chartered CEO, Bill Winters, has said that digital currencies will soon become mainstream as more people adopt this new tech. Winters shared his sentiments during the Singapore FinTech Festival, where he signaled that the bank would soon be announcing some exciting developments in this field.
Speaking at the virtual conference, the Standard Chartered Bank CEO touched on matters CBDC and private stablecoins. Winters's approach on both digital asset classes as relaxed as opposed to recent takes by monetary authorities to phase out private stablecoins like Tether (USDt).
According to the initial reporting by CNBC, Winters particularly highlighted that,
“I think there is absolutely a role for central bank digital currencies as well as non-central bank-sponsored digital currencies.”
Giving an example of the voluntary carbon market, Winters noted that the concept of having crypto assets to represent an underlying is more intriguing to him,
“The exciting development for me is to have currencies that don’t match a currency in and of itself but are intended to capture either a superset of a subset.”
Despite being bullish on the fundamentals, the CEO was also keen to highlight the existing gap in merging the world of traditional finance and crypto. Per Winter’s view, the two industries can only merge if organizations embrace critical fundamental cultural shifts. He also hinted at they may be developing their own digital currency, stating, “I think there is a whole new world that’s opening up for us.”
Standard Chartered & UnionBank $187 Million Tokenized Bond
Meanwhile, the bank is still making strides through blockchain tech itself; an update yesterday by both Standard Chartered and UnionBank revealed that the two completed a PoC bond issuance worth 9 billion Philippines pesos ($187 million). This bond targeted retail investors and was issued within a blockchain ecosystem to make it more accessible.
Standard Chartered head of capital markets ASEAN, Aaron Gwak, said that this innovation changes the bonds market dynamics, where institutional investors dominate the game.
“The bond infrastructure around the world has been designed primarily for institutional investors and involves several intermediaries to buy and subsequently trade bonds, making it less accessible to retail investors.”