DBS Bank, one of the largest banks in Singapore, which has made a name for itself with the steps it has taken in the crypto money sector, has published its annual report.
“Bitcoin Will Keep Growing!
Piyush Gupta, CEO of DBS Bank, in the annual report bitcoin He said that cryptocurrencies like gold will continue to grow as a store of value, just like gold.
“Regulators and politicians will be reluctant to give up control of the instruments of monetary policy and economic management. Therefore, they will be very careful about allowing private money (cryptocurrencies) to grow.
Having said that, I think cryptocurrencies will continue to grow as a meaningful store of value, as gold is today.”
bitcoin and other cryptocurrencies Stating that he does not think that it will take on the role of a state-backed currency despite its growth, the famous CEO cited the following as the reason for this:
“This is because money must have three properties: to be a unit of account, a medium of exchange, and a store of value.
Privately issued coins, namely cryptocurrencies, have difficulty obtaining the first two of them.”
CBDCs Will Be Used More!
Expressing his views on the development of central bank digital currencies, Piyush Gupta underlined that CDCs will become more common and that it is necessary to be close to these developments.
“85% of the world’s central banks are currently either working or piloting a CBDC.”
Gupta recently added that DBS Bank is interested in CBDC technology and is experimenting with CBDC with the Monetary Authority of Singapore.
*Not investment advice.