Citigroup CEO Jane Fraser: Why Citigroup is slowly building cryptocurrency application infrastructure

In an interview with Yahoo Finance,CitigroupCEO Jane Fraser talked about the future of finance and its relationship with the crypto industryDigital currencyPotential integration.

Fraser addresses this issue by talking about potential use cases of crypto assets and their ability to improve traditional financial systems.She claims that, as confirmed by executives, Citi’s customers areCryptocurrencyShow great interest:

We also spent a lot of time discussing with many of our partners and customers (Cryptocurrency).Obviously, digital assets will become part of financial services and financial markets.

Citigroup CEO Jane Fraser: Why Citigroup is slowly building cryptocurrency application infrastructure illustration

Other banking giants in the United States have revealed that their customers desperately need exposure to crypto assets.This has led the country's major banks, such as Citi, Goldman Sachs, JPMorgan Chase, etc., to provide their wealthy customers with cryptocurrency-related financial products.

Therefore, Fraser reaffirmed the increasing demand for institutions to enter the crypto industry.The executive believes that this emerging asset class is the future of finance and real-time payments.

Citi's CEO claimed that in this sense, encryption is seen as a tool to improve the traditional financial system and will become "ubiquitous" in the future.She added the following:

We have seen the benefits of the digital asset space in terms of processing, segmentation, programmability and transparency.You know, very annoying words.

However, Fraser also mentioned the uncertainty surrounding the crypto industry, especially emphasizing regulation.In the United States, many participants in this field and even within the Securities and Exchange Commission (SEC) have demanded more clarity and legal frameworks for cryptocurrencies.

Senior officials have taken the opposite path, with most taking a cold or hostile stance on the industry.If regulations are tightened, the United States will face the risk of a large number of cryptocurrencies migrating to more friendly land, but the approval and subsequent launch of the Bitcoin ETF seem to have brought these concerns under control.

Nonetheless, as the CEO of Citigroup said, many questions remain unresolved regarding the future of cryptocurrency, its scalability, flexibility, and the implementation of guardrails to "protect" retail customers.Fraser said:

For me as the CEO, I am trying to connect our customers to accept consumer payments, and we are building a real-time payment infrastructure.

Despite the concerns, the banking institution is advancing the establishment of its own encryption infrastructure to promote the adoption of the asset class by its partners and customers.Fraser added:

We are cautious in doing this because the space moves so fast and not all the guardrails you want to see are in place.And, you know, as the CEO of the banking industry, I do believe that guardrails are important and necessary for the safety and stability of the financial system.

 

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