Citigroup’s CEO predicts Governments-sponsored digital currencies - BBG

Dhwani Mehta FXStreet

Citigroup Inc. CEO Michael Corbat said late-Wednesday in an interview at the Bloomberg Year Ahead summit in New York, Bitcoin presents a real threat to the financial system and hence, the governments will react against the disruption and issue their own versions of the digital currencies.

Key Quotes:

“I don’t think governments are going to take lightly other people coming in and potentially disrupting their abilities around data, around tax collection, around money laundering, around know-your-customer.”

“It’s likely that we’re going to see governments introduce, not cryptocurrencies -- I think cryptocurrency is a bad moniker for that -- but a digital currency.”

“You won’t hear us be dismissive in terms of the nascent technology because it’s real and there is something there.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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