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Chief Executive Officer, Piyush Gupta, of the largest bank in Southeast Asia, DBS Bank Group, recently discussed cryptocurrency at the Economic Times Global Business Summit.
On the future challenges of crypto, the CEO said:
“I don’t think that cryptocurrencies will become money as we know it, but it can be an alternative to gold and its value.
The other big challenge [of cryptocurrencies] is volatility in value. If you want to use this to pay for something, you don’t know what it’s costing you.
Today cryptos are a potential source of speculated value, it’s unlikely that this is a source of money as we know it.”
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Gupta then called on central banks across the world to consider regulating cryptocurrencies as soon as possible. He explained:
“Regulating it out of the formal banking system is an unwise thing to do, as you wish to push it out into the unregulated space and then you have no way of creating any guard rails.
Nobody knows who owns private money, so it is subject to misuse.”
He added:
“Monetary systems across the world have flagged off AML and KYC issues pertaining to crypto.”
The DBS executive also commented on CBDCs and said:
“They come with their own set of challenges, if you go direct, every citizen opens a direct account with the central bank and it disburses the CBDC directly.
The downside of this is it will disintermediate the existing banking system, therefore you make the process of credit creation the onus and responsibility of the central bank alone and they don’t want that.”