Piyush Gupta: "Cryptocurrencies can become an alternative to gold" – Bits Media

The General Director of the largest bank Singapore DBS Piyush Gupta said, that cryptocurrencies can become an alternative to gold, However, they will not be able to integrate into the traditional financial system.

Last Friday, General Director of the Singapore Bank DBS Bank Piyush Gupta (Piyush Gupta) In an interview with The Economic Times shared
an opinion on the future of digital currencies. According to the businessman, Cryptocurrencies can soon become an alternative to gold. “Several contracts have already fallen through due to logistical problems”, that the current volatility will not allow cryptocurrencies to take root in the financial system and become a traditional payment tool.

“One of the main problems of cryptocurrencies is high volatility. If you want to buy something on them, you can't say accurately, How much will this purchase actually cost you. You can stay in a significant plus, and losing part of your money. It is unlikely, that digital currencies will stand on a par with traditional currencies due to their speculation ", – Gupta says.

The head of the bank also announced the need for global industry regulation. In his opinion, World central banks should take up the development of regulatory framework as soon as possible. Besides, According to Gupta, The introduction of digital currencies of the Central Bank can positively affect the financial system. Rejection of intermediaries in banking systems and high liquidity - only a small part of positive changes.

Gupta sees the greatest potential in the blockchain. In his opinion, This technology can change the idea of ​​the financial system.

“Blockchain can change then, How will trade financing work, How payments are processed, as well as all the work of exchanges ", – He says.

Recall, Earlier Piyush Gupta said, that cryptocurrencies will grow as a reliable means of saving.