WebsCrypto
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Crypto Prices
Facebook Twitter LinkedIn Telegram
WebsCryptoWebsCrypto
Crypto Prices
  • News
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFTs
  • Markets
  • Business
  • Opinions
  • Guides
  • PR
  • Sponsored
WebsCrypto
WebsCrypto—News—Bitcoin News—DBS: Bitcoin Will Be a Meaningful Store of Value, but Unlikely to Replace Fiat
Bitcoin News

DBS: Bitcoin Will Be a Meaningful Store of Value, but Unlikely to Replace Fiat

By WebsCryptoMarch 10, 2022
DBS: Bitcoin Will Be a Meaningful Store of Value, but Unlikely to Replace Fiat
Facebook Twitter Telegram LinkedIn Reddit Email

Private digital currencies like bitcoin will become a meaningful store of value, similar to gold, Piyush Gupta, chief executive of Singapore’s largest bank DBS, said on Wednesday.

Cryptocurrencies are unlikely to replace state-backed fiat currencies, Piyush Gupta noted in the bank’s annual report.

The CEO said in the report that regulators and politicians are unwilling to give up control over monetary policy and economic management tools, so they will maintain a very cautious attitude towards the development of private digital currencies.

“Nevertheless, I still think that cryptocurrencies will continue to be a meaningful store of value, just like gold is now.”

At the same time, Piyush Gupta also pointed out that digital currencies dominated by major central banks around the world will become more common, and it is necessary to pay close attention. 85% of the world’s central banks are either working on digital currencies or are already piloting them, he said.

Related:  Bitcoin Blocks Over 3.75 MB Become Commonplace as Sequence Numbers Approach 150,000

U.S. President Joe Biden will sign an executive order this week directing the Justice Department, Treasury Department and other agencies to study the legal and economic implications of creating a U.S. central bank digital currency, according to people familiar with the matter.

In addition, China’s digital yuan is also developing rapidly. “Securities Times” recently reported that during the Beijing Winter Olympics, digital renminbi became a highlight of the Winter Olympics financial services. The Winter Olympics scenario pilot has achieved full coverage of seven scenarios, and carried out 3 large-scale digital renminbi pilot activities. There are 403,000 scenes, and the transaction amount is 9.6 billion yuan.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
Bitcoin Crypto Cryptocurrency
Related News
Bitcoin News March 19, 2023

Bitcoin Unfilled Contract Down by About 300K BTC Since October 2022 Peak

NFT News March 19, 2023

DeGods Announces BTC DeGods Sold Out in One Bitcoin Block and Sends Inscriptions Based on Transaction Time

Market News March 18, 2023

Dutch Financial Market Watchdog to Take Tough Stance on EU Cryptocurrency Regulations

Business News March 18, 2023

FTX Debtors Report $11.6 Billion in Claims and $4.8 Billion in Assets to Bankruptcy Court

Bitcoin News March 18, 2023

Bitcoin Options Weekly Volume Hits $7.94 Billion, Highest Since October 2021

Bitcoin News March 18, 2023

Glassnode Reports Bitcoin Below 200-Week Moving Average for First Time in History

The Latest
Bitcoin News March 19, 2023
Bitcoin Unfilled Contract Down by About 300K BTC Since October 2022 Peak
Business News March 19, 2023
RSS3 Launched an AI Open Platform for Developers to Train GPT Models on Chain Data
Ethereum News March 19, 2023
Ethereum Sees Second-Highest Voluntary Validator Exits Since Merger
NFT News March 19, 2023
DeGods Announces BTC DeGods Sold Out in One Bitcoin Block and Sends Inscriptions Based on Transaction Time
NFT News March 19, 2023
RTFKT Announces Nike Air Force 1 Digital Shoe Selection on April 23rd
Block 3000

WebsCrypto contains crypto news about cryptocurrencies, bitcoin, ethereum, altcoins and more.

Facebook Twitter Instagram LinkedIn Telegram RSS
News
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Market News
  • Business News
Information
  • Opinions
  • Guides
  • Press Release
  • Sponsored
Services
  • About Us
  • Contact Us
  • Advertise
© 2023 WebsCrypto.
  • Privacy Policy
  • Terms of Service

Type above and press Enter to search. Press Esc to cancel.