coinputin.com – Bill Winters, chief executive of UK-based banking and financial services company StanChart, said the widespread rollout of digital currencies was “absolutely inevitable.”
Speaking at the Singapore FinTech Festival, Winters said the widespread creation and launch of digital currencies would be “absolutely inevitable” as the international payment system developed rapidly. The chief executive added that the bank would release new news “in this direction” in the coming days. According to him, there is scope for both state-backed digital currencies and private currencies.
“I think that as well as central bank digital currencies, digital currencies that are not supported by the central bank will certainly have a role.”
Standard Chartered is set to announce more news “in line” in the coming days.
Transition To Digital
Already, governments around the world have begun experimenting with digital currencies. China, which has launched public trials of the digital yuan, is leading the way on this issue.
Similarly, private companies have begun to act. Facebook-backed Libra, which recently went on a name change as Diem, is among the alternative projects that can be used, such as US dollars.
But Winters said the biggest opportunity for digital currencies could be in new, niche segments that don’t mimic existing fiat currencies, he added:
“The development that’s really interesting to me is having currencies that don’t match a currency in their own right, but aim to capture a superset of a subset.”