The CEO of Southeast Asia’s largest bank DBS, says Bitcoin “may be an alternative to gold.” He went on to say that controlling cryptocurrency “outside of the conventional banking system is a foolish thing to do.”
At the latest Economic Times Global Business Summit, Piyush Gupta the DBS CEO highlighted crypto and its control. DBS is the biggest bank in Southeast Asia in contrast to assets.
DBS CEO also mentioned his concern about crypto prices fluctuation on a source by saying “The other major difficulty [with cryptocurrencies] is price fluctuations.” “If you want to use this to cash for something, you have no idea how much it will cost you,” after that he went on saying that “Today, cryptos are a potential source of speculated value; nonetheless, this is unlikely to be a source of money as we know it.” His point of view is very much clear about considering crypto as an alternative to gold.
The CEO of DBS urges central banks around the world to bring cryptocurrencies into the regulated market. On adding to that Regulating it outside of the conventional banking system is a bad idea because you want to push it out into the unregulated realm, where you won’t be able to create any guard rails.
“No one knows who owns private money, therefore it is vulnerable to misappropriation,” he emphasized, adding that this is the issue that the governor of India’s central bank, the Reserve Bank of India (RBI), is most concerned about “Monetary systems around the world have tipped up AML and KYC issues relevant to cryptocurrency.”
DBS, Gupta’s bank, has been providing cryptocurrency services to some of its clients for quite some time. In December 2020, the bank launched a full-service digital asset exchange. In February, the bank stated that it intends to offer cryptocurrency trading for retail investors this year.
DBS CEO predicts that cryptocurrency will continue to grow similar to gold