HomeCryptoSearch for fiat alternative ‘perfectly reasonable,’ says StanChart CEO

Search for fiat alternative ‘perfectly reasonable,’ says StanChart CEO

Bitcoin (BTC) and other cryptocurrencies have a permanent role in financial markets, but other digital assets like central bank digital currencies (CBDCs) or nonfungible tokens (NFTs) could likely outperform crypto, according to Standard Chartered CEO Bill Winters

Speaking at a Standard Chartered conference call, Winters echoed the “crypto is here to stay” narrative and said there’s a task for non-fiat currencies given the considerations about inflation.

“Broadly, we’ve gone through a long period of low inflation, and we’ve got central banks experimenting in uncharted territory with very, very loose monetary policy,” Winters stated, including:

“It’s perfectly reasonable for people to want an alternative to fiat currency.”

While the talk over absolutely decentralized cryptocurrencies are extra useful than administered crypto continues, Winters believes the market can have the ultimate say. “If there’s a role for these instruments in the market, there will be a role for us to support that, always subject to regulatory guardrails,” he added.

Related: Billionaires are backing Bitcoin over gold… however some say Ethereum is even higher

Winters’ financial institution is understood for its optimistic strategy to cryptocurrencies and digital belongings. Last month, Standard Chartered joined the crypto and digital finance business membership physique Global Digital Finance (GDF) Patron Board. As Cointelegraph reported, the financial institution will assist interact with worldwide regulators, lawmakers and others within the business to advocate for digital belongings as a member of the GDF.

The British financial institution additionally reportedly plans to launch a crypto change. A report from June claimed that Standard Chartered has partnered with Hong Kong change proprietor BC Technology Group to launch a platform for the U.Ok. and European institutional market.

Recently, multibillion-dollar personal fairness agency Thoma Bravo’s co-founder Orlando Bravo expressed confidence in cryptocurrencies, saying, “Crypto is just a great system. It’s frictionless. It’s decentralized. And young people want their own financial system. So, it is here to stay.”