Citigroup CEO Jane Fraser believes that cryptocurrencies can significantly improve the financial system and will soon become an integral part of banking services.
V interview Yahoo Finance Jane Fraser reported that Citigroup’s private and institutional clients have a strong interest in digital assets, so the bank spends a lot of time discussing possible use cases. Fraser believes that cryptocurrencies, as an emerging asset class, can be the future of the financial industry and be used to make payments in real time.
“Cryptocurrencies can be called a tool for improving the traditional financial system. We see many benefits in digital assets: fast transaction processing, fragmentation, programmability and transparency, ”said Fraser.
She also stated that the uncertain position of regulators regarding the digital asset industry is hampering its development. Many cryptocurrency firms and even employees of the US Securities and Exchange Commission (SEC) are demanding clarity in the regulation of cryptocurrencies. So, recently, SEC Commissioner Hester Peirce criticized the department for unwillingness to cooperate on this issue with participants in the cryptocurrency market.
Indeed, many regulators view the industry with indifference or hostility. However, according to the CEO of Citigroup, many questions regarding the future of cryptocurrencies and investor protection are still open.
“We are working to build an infrastructure for real-time payments using cryptocurrencies to make it easier for our partners and customers to adopt this asset class. But we are doing this with caution, as the cryptocurrency industry is evolving very quickly and not all measures have been taken to protect investors. I believe that “safety fences” are really necessary for the safety and stability of the financial system, ”added Fraser.
In May, banking giant Citigroup said it could launch a platform to trade and store digital assets. In addition, in August, the company announced its readiness to provide customers with the option to trade bitcoin futures on the Chicago Mercantile Exchange (CME) after receiving regulatory approval.
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