Bill Winters, Standard Chartered's Chief Executive, said during the Singapore’s FinTech Festival that the cryptocurrency market adoption is "absolutely inevitable."
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Winters emphasized there is scope not only for state-backed digital currencies, but for private ones as well.
"I think there is absolutely a role for central bank digital currencies as well as non-central bank-sponsored digital currencies," he said.
Standard Chartered's CEO also added the bank is going to announce further news related to the market in the next few days. Winters believes digital assets can create a whole new ecosystem, which is something that "can not be replicated by a fiat currency."
"Those sorts of applications for a digital currency, and creating a digital currency ecosystem, is something that can not be replicated by a fiat currency, or, most likely, by a central bank digital currency any time soon," Winters explained.
In July 2020, the venture division of the British bank Standard Chartered PLC, which is part of globally systemically important banks, announced the creation of a cryptocurrency custodian.
According to Standard Chartered Ventures Head, Alex Manson, 20 financial institutions expressed interest in a crypto-oriented product.
While the custodian will be located in the UK, custody services for virtual assets will be available to clients from all over the world.
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