Citigroup Chief Executive Michael Corbat said his bank is helping governments “around the world” in creating sovereign digital currencies, otherwise known as central bank digital…
"It's likely that we’re going to see governments introduce, not cryptocurrencies – I think cryptocurrency is a bad moniker for that – but a digital currency."Citi is already exploring its own cryptocurrency, called citicoin, which is aimed to curb friction in cross-border foreign exchange transactions. The financial group is also working with Nasdaq on using blockchain technology for trading private shares. Corbat's comments come soon after Goldman Sachs CEO Lloyd Blankfein said that he isn't "comfortable" with bitcoin, but open to its potential.While encouraging people to go out and try using cryptocurrencies, which he said are still "pretty clunky," Corbat argued that the underlying blockchain technology "has potential" and should not be dismissed.
Michael Corbat image via Shutterstock
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