Standard Chartered CEO Says Crypto Adoption Is Inevitable

Standard Chartered CEO Bill Winters said during the Singapore SinTech conference that crypto-assets are here to stay and crypto adoption will be inevitable as we are reading more in today’s crypto news.

The Standard Chartered CEO said that digital currencies are coming to us all and he thinks that commonplace usage is inevitable as well. He is interested in a niche application of stablecoins as he mentioned during the virtual Singapore FinTech Festival, saying that the widespread adoption of digital currencies is inevitable. Bill Winters, the CEO at the biggest financial institution said that he believes that there’s a role for central bank digital currencies as well as for the non-central bank digital currencies according to CNBC reports.

This means that Winters believes that governments’ own crypto could coexist with private alternatives such as Tether or with the open-source crypto assets like BTC. He also thinks that there’s more scope for cryptocurrencies that are not simple stablecoins. What interests Winters are the “currencies that don’t match a currency in and of itself but are intended to capture the subset of the superset.

He really seems to like cryptocurrencies as they provide people with assurances that money invested in carbon emissions is going to the intended project. Apple’s co-founder Steve Wozniak launched WOZX last week which is a coin that does exactly that that Winters says. Winters said that his own company will announce something like this in the next few days and said:

“There is a whole new world that’s opening up for us.”

Standard Chartered put out three jobs that were crypto-based to bolster its crypto team and announced that they will be building a crypto custody solution. Standard Chartered also joined the Enterprise Ethereum Alliance which is aimed to promote ETH in business. At the festival, Winters spoke of the challenge of connecting the traditional finance world and the users’ preferences who show that they really prefer crypto:

“But in order to make this happen, we know that there are some fundamental cultural shifts in our organizations that are critical.”