{"id":2809,"date":"2022-03-23T11:02:55","date_gmt":"2022-03-23T11:02:55","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=2809"},"modified":"2022-03-23T11:02:55","modified_gmt":"2022-03-23T11:02:55","slug":"dbs-ceo-sees-crypto-as-an-alternative-to-gold-says-central-banks-globally-should-regulate-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2809","title":{"rendered":"DBS CEO Sees Crypto as an Alternative to Gold \u2014 Says Central Banks Globally Should Regulate Cryptocurrencies"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The CEO of Southeast Asia\u2019s largest bank, DBS, says cryptocurrency \u201ccan be an alternative to gold.\u201d He added that regulating crypto \u201cout of the formal banking system is an unwise thing to do.\u201d<br \/><\/strong><\/p>\n<h2>DBS\u2019 CEO on Cryptocurrency and Regulation<\/h2>\n<p>DBS Bank Group CEO Piyush Gupta talked about cryptocurrency and its regulation at the recent Economic Times Global Business Summit. DBS is Southeast Asia\u2019s largest bank by assets. The Economic Times quoted Gupta as saying:<\/p>\n<p>I don\u2019t think that cryptocurrencies will become money as we know it, but it can be an alternative to gold and its value.<\/p>\n<p>\u201cThe other big challenge [of cryptocurrencies] is volatility in value. If you want to use this to pay for something, you don\u2019t know what it\u2019s costing you,\u201d he elaborated. \u201cToday cryptos are a potential source of speculated value, it\u2019s unlikely that this is a source of money as we know it.\u201d<\/p>\n<p>The executive said that central banks across the world should consider bringing cryptocurrency into the regulated space. He stated:<\/p>\n<p>Regulating it out of the formal banking system is an unwise thing to do, as you wish to push it out into the unregulated space and then you have no way of creating any guard rails.<\/p>\n<p>\u201cNobody knows who owns private money, so it is subject to misuse,\u201d he stressed, adding that this issue is what the governor of the Indian central bank, the Reserve Bank of India (RBI), is so concerned about. He added, \u201cmonetary systems across the world have flagged off AML and KYC issues pertaining to crypto.\u201d<\/p>\n<p>The DBS CEO also talked about central bank digital currencies (CBDCs). Noting that \u201cCBDCs come with its own set of challenges, if you go direct, every citizen opens a direct account with the central bank and it disburses the CBDC directly,\u201d the CEO described:<\/p>\n<p>The downside of this is it will disintermediate the existing banking system, therefore you make the process of credit creation the onus and responsibility of the central bank alone and they don\u2019t want that.<\/p>\n<p>Gupta\u2019s Bank, DBS, has been offering cryptocurrency services to some clients for quite some time. The bank launched a full-service digital asset exchange in December 2020. Since then, the platform has seen rapid growth in its crypto business. The bank said in February that it plans to launch crypto trading for retail investors this year.<\/p>\n<p><em><strong>What do you think about the comments by the DBS CEO? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/dbs-ceo-crypto-alternative-to-gold-central-banks-globally-should-regulate-cryptocurrencies\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CEO of Southeast Asia\u2019s largest bank, DBS, says cryptocurrency \u201ccan be an alternative to gold.\u201d He added that regulating crypto \u201cout of the formal banking system is an unwise thing to do.\u201d DBS\u2019 CEO on Cryptocurrency and Regulation DBS Bank Group CEO Piyush Gupta talked about cryptocurrency and its regulation at the recent Economic [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2809"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2809\/revisions"}],"predecessor-version":[{"id":2811,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2809\/revisions\/2811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2810"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}