Bill Winters, CEO of Standard Chartered, has recently said that both the widespread creation and adoption of digital currencies is inevitable. He made this statement at the Singapore FinTech Festival. He believes that the scope for both private and state-backed electronic currencies is increasing significantly.
Bill Winters mentioned:
“I think there is absolutely a role for central bank digital currencies as well as non-central bank-sponsored digital currencies.”
Bill Winters believe that there are some really great opportunities for digital currencies in new segments. He thinks that being a versatile nature, digital currencies could be used for different projects. The kind of features that digital currency applications provide cannot be replicated by any fiat currency applications. It is going to take a lot more time for the central bank or fiat currency to reach the same level, as that of digital currencies.
Winters is seeing some huge opportunities for digital currencies, especially cryptocurrency in the near future.
Bill Winters talked widely about digital currencies at the annual conference as a part of a panel. The conference was held virtually on Monday, December 07, 2020. Along with Winters, there were several other prominent members also like Piyush Gupta, CEO of DBS Bank, Calvin Choi, chairman and CEO of AMTD Group. All these members of the conference are of the opinion that digital currency needs an effort from both the public and private sectors. The future of digital currency seems to be really bright and this has been assured during the COVID-19 pandemic. This is because there has been huge crypto adoption during the pandemic as people were avoiding fiat money and adopting digital currencies, across the world. In the next few years, the financial ecosystem will change completely.