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Citigroup: Cryptocurrencies will become part of financial services

The bank spends a lot of time discussing possible uses.

The bank spends a lot of time discussing possible uses. Its strong belief that cryptocurrencies will become an important and integral part of the international financial system and especially banking services was expressed in an interview with Yahoo Finance by CitigroupCEO Jane Fraser.


According to Jane Fraser, Citigroup's private and institutional customers show a keen interest in digital assets.


Therefore, the bank spends a lot of time discussing possible uses.


In this context, Fraser believes that cryptocurrencies, as an emerging asset category, can be the future of the financial industry and can be used to make real-time payments.


"Cryptocurrencies can be considered a tool for improving the traditional financial system.


"We see a lot of benefits in digital assets: fast transaction processing, fragmentation, scheduling and transparency," Fraser said, adding:

"The uncertain position of regulators on the digital assets industry is hampering its growth."


Clarity


Many cryptocurrency companies, including US Securities and Exchange Commission (SEC) executives, demand clarity in regulating the cryptocurrency market.


So recently, SEC Commissioner Hester Peirce criticized the State for being reluctant to cooperate on this issue.


Indeed, many regulators are indifferent or hostile to the industry.


Fatally, according to the CEO of Citigroup, many questions about the future of cryptocurrencies and investor protection are still open.


In this climate, "we work to create a real-time payment infrastructure using cryptocurrencies to make it easier for our partners and customers to adopt this asset class."


But we do it with caution, as the cryptocurrency market is evolving very fast and not all measures have been taken to protect investors.


"I believe the 'safeguards' are essential to the security and stability of the financial system," Fraser added.


It is recalled that in May 2021 the banking giant Citigroup announced that it could launch a platform for trading and storage of digital assets.


In addition, in August, the company announced that it was preparing to enable customers to trade bitcoin futures contracts on the Chicago Mercantile Exchange (CME) after obtaining approval from regulators.


Source: https://www.bankingnews.gr/



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