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- Michael Corbat has just revealed that the financial institution is working behind the scenes with numerous governments all around the world to help develop cryptocurrencies.
Michael Corbat, the Chief Executive Officer of Citigroup has just recently revealed that the financial institution is working behind the scenes with numerous governments all around the world to help develop cryptocurrencies.
“We’ve been working with some governments around the world in terms of creation and commercialisation of them ‘digital currencies’.”
Recently speaking in an interview earlier this month with Bloomberg, the chief executive officer highlighted that sometime in the near future, a universal digital currency will be designed and developed but it might not necessarily be a cryptocurrency.
As one of the biggest financial institutions in the world, Citigroup has more than 200 million customer accounts internationally with services stretching from wealth management, brokerage services, investment banking and more.
The CEO didn’t highlight what government the company is specifically collaborating with on this topic but it did go on to note that crypto assets being developed by central banks is an event that is guaranteed to happen.
“I think it’s inevitable that they ‘digital currencies’ will be coming out.”
Many governments all over the world are working on their own central-bank digital currency project. China seems to be the first country that will release its own digital assets and as a result of this, authorities in the United States have started looking into the aspect of it themselves. Officials in the United States have made it clear that there is no rush for the US to launch their own CBDC project.
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