Citigroup Inc (NYSE: C) CEO Michael Corbat recently revealed that the bank has been partnering with central banks globally to build Central Bank Digital Currencies.
While CBDCs have gained wild popularity in the past two years, Citigroup CEO predicted their rise during Bitcoin’s 2017 epic surge. At the time, he observed that BTC’s parabolic rise would spark an interest in digital currencies from central banks.
Three years later, Michael Corbat has revealed that his bank is helping world governments in their CBDC pursuit. Speaking on Friday at the Bloomberg Invest Talks, Citigroup CEO reiterated that CBDCs are the inevitable future of money. The banking veteran, who took over at the helm in 2012, didn’t reveal the specific governments the bank was working with.
“We’ve been working with governments around the world in terms of the creation and commercialization of sovereign digital currencies. I think it’s inevitable that they will be coming,” he told David Rubenstein, the co-founder of The Carlyle Group (NASDAQ: CG).
The Citi chief noted that millennials have changed the financial services industry, making digital payments a critical part of the bank’s services. This switch to digital payments is one of the factors that have led to the rise of cryptocurrencies, and consequently, CBDCs.