Former Citi CEO Expects All Major Banks In On Crypto within 3 Years

November 14, 2021

Former Chief Executive Officer of Citigroup, Vikram Pandit, said during the Singapore Fintech Festival last week that he expects every major bank in the world to be considering crypto trading services.

Speaking about the outlook for crypto and central bank digital currencies (CBDC) at the event, the banker also said he hopes that central banks will adopt digital currencies since the existing system is outdated and “costly”.

Pandit holds an impressive career. Prior to serving as CEO of Citigroup from 2007 to 2012, he had been with Morgan Stanley since 1983 where he ultimately took up the role of president and Chief Operating Officer for the company’s institutional securities and investment banking businesses. After his time at Citigroup, Pandit founded the Orogon investment firm and is currently the acting CEO and chairman.

The Indian-American banker said at the conference that he believes it to be unthinkable that major financial institutions will not be considering cryptocurrencies:

“[In] one to three years, every large bank and, or securities firm is going to actively think about ‘Shouldn’t I also be trading and selling cryptocurrency assets?’”

Crypto adoption among financial institutions is on the rise. Major investment banks, such as JPMorgan, Morgan Stanley and Goldman Sachs are already offering crypto services to its clients.

Payment firms, Mastercard, Visa and PayPal have also moved in on crypto and continue expanding its projects in the space.

Speaking on the topic of CBDC, the former Citigroup CEO imagines “a central bank digital currency, which is available to you and me, and every other retail participant around the world.” Adding:

“My big hope is that central banks around the world understand the benefit of a central bank digital currency, and move on to accept, adopt them.”

A large number of central banks worldwide are exploring launching their own CBDCs. China and Nigeria are examples of nations that have already launched their digital currencies.

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Author: Peter Siu

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