Search for fiat alternative ‘perfectly reasonable,’ says StanChart CEO

The CEO of the British bank believes stablecoins, CBDCs and even NFTs will likely outgrow cryptocurrencies.

Bitcoin (BTC) and other cryptocurrencies have a permanent role in financial markets, but other digital assets such as central bank digital currencies (CBDC) or nonfungible tokens (NFT) could likely outperform crypto, according to Standard Chartered CEO Bill Winters.

Speaking on a Standard Chartered conference call, Winters echoed the “crypto is here to stay” narrative and said there’s a role for non-fiat currencies, given the concerns about inflation.

“Broadly, we’ve gone through a long period of low inflation, and we’ve got central banks experimenting in uncharted territory with very, very loose monetary policy,” Winters said, adding:

“It’s perfectly reasonable for people to want an alternative to fiat currency.”

While the debate over fully decentralized cryptocurrencies are more beneficial than administered crypto continues, Winters believes the market will have the final say. “If there’s a role for these instruments in the market, there will be a role for us to support that, always subject to regulatory guardrails,” he added.

Related: Billionaires are backing Bitcoin over gold... but some say Ethereum is even better

Winters’ bank is known for its positive approach to cryptocurrencies and digital assets. Last month, Standard Chartered joined the crypto and digital finance industry membership body Global Digital Finance (GDF) Patron Board. As Cointelegraph reported, the bank will help engage with international regulators, lawmakers and others in the industry to advocate for digital assets as a member of the GDF.

The British bank also reportedly plans to launch a crypto exchange. A report from June claimed that Standard Chartered has partnered with Hong Kong exchange owner BC Technology Group to launch a platform for the United Kingdom and European institutional market.

Recently, Orlando Bravo, co-founder of multi-billion-dollar private equity firm Thoma Bravo, expressed confidence in cryptocurrencies, saying, “Crypto is just a great system. It’s frictionless. It’s decentralized. And young people want their own financial system. So, it is here to stay.”

Publication date: 
10/14/2021 - 09:24

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