The widespread creation and rollout of digital currencies is “absolutely inevitable” as the international payments system rapidly evolves, according to the CEO of Standard Chartered.
Speaking at the Singapore FinTech Festival, Bill Winters said there is scope for both state-backed electronic currencies and private ones, too.
“I think there is absolutely a role for central bank digital currencies as well as non-central bank-sponsored digital currencies,” the finance chief said Monday.
Standard Chartered is set to announce further news “along these lines” in the coming days, he added.
Already, governments across the globe have begun experimenting with digital currencies, which proponents argue allow for more seamless money transfers. China leads the charge in that regard, having started public trials of its digital yuan.