Standard Chartered CEO: All Money Will Go Digital, All Transactions On Blockchain
Standard Chartered CEO Bill Winters expects each transaction to sooner or later run on blockchain, calling it a “full rewiring” of world finance.
Standard Chartered CEO Believes Blockchain Will Host All Money Eventually
As reported by CNBC, Bill Winters talked about the way forward for finance and Hong Kong’s position within the international digital property area at a Hong Kong FinTech Week panel on Monday. “Our perception, which I feel is shared by the management of Hong Kong, is that just about all transactions will choose blockchains ultimately, and that every one cash might be digital,” mentioned the Standard Chartered CEO.
The remark comes as there was a push towards digital ledger tokenization world wide. Payments big SWIFT, for instance, is growing a blockchain-based ledger, as announced in September.
Tokenization of an asset creates a digital copy of it that may be traded on the blockchain. Last yr, Hong Kong launched a venture to check the appliance of tokenization in real-life enterprise eventualities, with Standard Chartered as a participant.
Standard Chartered is a British financial institution that operates world wide, together with Hong Kong. The establishment, designated as a Global Systemically Important Bank (G-SIB) by the Financial Stability Board (FSB), has been rising its presence within the digital property area lately.
Earlier this yr, the financial institution turned the first of its stature to launch a spot Bitcoin and Ethereum buying and selling desk for institutional purchasers. It has additionally fashioned a joint venture with Animoca Brands and Hong Kong Telecom (HKT) to acquire a stablecoin license from the Hong Kong Monetary Authority (HKMA).
Stablecoins signify a distinguished instance of tokenization, performing as blockchain counterparts to fiat currencies. Standard Chartered is planning to launch an asset of this sort based mostly on the Hong Kong Dollar (HKD).
The present tokenized property could solely be the start if the prediction from the financial institution’s CEO about all cash ultimately turning into digital is to go by. “Think about what meaning: a whole rewiring of the monetary system,” famous Winters.
Bitcoin Has Taken A 3% Hit During The Past Day
Bitcoin has kicked off the brand new week with one other retrace as its value is again all the way down to the $107,500 mark. The chart beneath reveals how the cryptocurrency’s pattern has appeared lately.
Despite the current bearish wave, nevertheless, Bitcoin remains to be outperforming in 2024 by way of the spot exchange-traded fund (ETF) inflows. As CryptoQuant neighborhood analyst Maartunn has identified in an X post, 2025 is forward of 2024 in year-to-date inflows.
At this level final yr, US Bitcoin spot ETFs registered round $22.5 billion in cumulative inflows. The similar metric for 2025 is now sitting at $25.18 billion.
