Piyush Gupta, CEO of Singapore’s largest bank, DBS Bank, has stated that his company would not offer crypto trading services to regular consumers in the “near future.” The announcement runs counter to the company’s earlier plans to explore such possibilities. DBS Bank, a Singaporean multinational banking and financial services firm, said in February this year that it would provide crypto trading to its retail consumers by the end of 2022.
The bank specifically wanted to make the procedure more accessible by allowing for quick internet deposits and transactions without the need for middlemen.
Nonetheless, in a recent interview, CEO Piyush Gupta stated that local regulators are “rightfully apprehensive” about enabling digital asset services in the retail sector. As a result, the bank abandoned its earlier plans:
“He is not holding my breath. He doesn’t believe the environment will enable us to make it accessible for retail in the near future. “
In any event, Gupta is optimistic about the future of cryptocurrencies, stating that they will become a major element of the financial network “sooner or later.” Left to ourselves, as he has stated previously, he thinks that over time, digital currencies and crypto assets will be omnipresent. As a result, sooner or later, he believes the world will have to accept this as an asset class.
Gupta sees Bitcoin as gold replacement
A few weeks ago, the CEO expressed his enthusiasm for crypto, defining the asset class as an alternative to gold and its significance in the current monetary system.
Gupta, on the other hand, stated that the volatility of the crypto market prohibits digital assets from becoming “money as we know it” for the time being.
The second major concern is price fluctuation. If you wish to use this to pay for something, you have no idea how much it will cost you. Today, cryptos are a possible source of speculative value, but nonetheless, they are unlikely to be a source of money as we know it.
DBS’s CEO, like many other experts, has urged worldwide regulation of the sector. According to him, central banks should develop the regulatory framework for cryptocurrencies.
Gupta also discussed the benefits of cryptocurrency’s backbone, blockchain technology. He asserted that it has the potential to transform how trade financing is processed, how payments and settlements clearing function, and how exchanges work.
Read more:
- DBS looking to offer retail cryptocurrency trading services in 2022
- Bitcoin may be an alternative gold, says DBS CEO Piyush Gupta
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