Bitcoin (BTC) and other cryptocurrencies play an enduring role in financial markets, but other digital assets such as central bank digital currencies (CBDCs) or tokens cannot
On a conference call from Standard Chartered, Winters reiterated the narrative, “Cryptocurrency Here To Live,” saying that non-fiat currencies play a role due to inflation concerns.
“Overall, we’ve had a long period of low inflation and we’ve had central banks experimenting with very, very loose monetary policy in uncharted territory,” Winters said, adding:
“It makes perfect sense that people want an alternative to Fiat.”
As the debate about fully decentralized cryptocurrencies in favor of regulated cryptocurrencies continues, Winters believes the market will have the final say. “If these tools have a role in the market, we will have a role to play in supporting this, always in line with the law,” he added.
Related: Billionaires prefer Bitcoin to gold … but some say Ethereum is even better
The Bank of Winters is known for its aggressive approach to cryptocurrencies and digital assets. Last month, Standard Chartered joined the Global Digital Finance (GDF) Sponsors Council, a member of the crypto and digital finance industry. As Cointelegraph reported, the bank will help work with international regulators, lawmakers and others in the industry to stand up for digital assets as a member of the GDF.
The Bank of England is also reportedly planning to launch a cryptocurrency exchange. A June report claims that Standard Chartered worked with Hong Kong stock exchange owner BC Technology Group to launch a platform for the UK and European institutional markets.
Recently, Orlando Bravo, co-founder of billionaire private equity firm Thoma Bravo, expressed his confidence in cryptocurrencies and said, “Cryptocurrency is just a great system. It has no friction. It’s decentralized. And young people want their own financial system. So it’s here to stay. “